In a new development, approximately eight billion Shiba Inu (SHIB) tokens have been irreversibly withdrawn from circulation with the help of a new burn portal for the token. The news was revealed by the official Twitter handle for the Shiba Inu crypto project. According to a Twitter post, the new burn portal was used to burn 8 billion SHIB tokens in the last 24 hours.
Woof!
In the first 24 hours over 8 BILLION $SHIB was burned through the SHIB Burn Portal!
🔥Burn $SHIB and earn passive income at https://t.co/jSnPG8SEoF!
IMPORTANT: Read disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi
— Shib (@Shibtoken) April 25, 2022
Burning of a token and its benefits
The term ‘burning’ simply refers to sending a token to a dead address (burn location). The process is irreversible as the tokens can not be received back. It helps to remove the tokens in circulation. The burning process may increase a tokens price by lowering its supply.
Shiba Inu (SHIB) burn portal
The burn portal for Shiba Inu was launched last week. It was developed in collaboration with the decentralised financial (Defi) company Ryoshi’s Vision (RYOSHI). Shiba Inu holders are eligible to get RYOSHI tokens in exchange for their burnt SHIB tokens. It may possibly enhance the token’s price by lowering its circulating quantity.
Some facts about SHIB
At the time of the token’s debut, Shiba Inu had a maximum cap of one quadrillion tokens on its supply. There are 549 trillion SHIB tokens in circulation right now. Its popularity increased in October 2021, due to its rapid price rise. Despite the community’s best efforts, the token’s price is still under pressure. It is presently selling at $0.00002262 on major spot markets, down 73.59% from its October 2021 peak. Despite the pressure, Shiba Inu is still the 15th most valuable cryptocurrency in terms of market valuation.
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