- Shiba Inu developers have launched a burn portal to destroy more SHIB than ever before, reducing the meme coin’s circulating supply.
- Within the first 24 hours since its launch, 8 million SHIB tokens were burned.
- Analysts have predicted a retest of $0.00005 as Shiba Inu’s price consolidation fractal comes into play.
Proponents have identified Shiba Inu token burn as one of the key drivers of long term gain in value. The launch of the SHIB burn portal is therefore an important milestone for Shiba Inu holders.
11 billion SHIB were pulled out of circulation
Developers behind Shiba Inu have launched a burn portal, rewarding users for burning SHIB. There have been community organized burn events and parties, asking users to burn more tokens to increase the Shiba Inu’s market value.
The burn portal was created through a partnership between Shiba Inu and Ethereum-based DeFi project Ryoshi’s vision (RYOSHI), the anonymous creator of SHIB. Based on the reward mechanism and the partnership, 0.49% of all RYOSHI transactions will be distributed to traders who have burnt SHIB tokens in their Ethereum wallet.
The portal also offers users an opportunity to generate passive income by burning their Shiba Inu tokens. Burning Shiba Inu tokens will provide a dual benefit to investors, both from contributing to higher value in the long-term and earning incentives from holding burnt SHIB in their Ethereum wallet.
Burnt SHIB tokens will be added to the Ethereum wallet of investors using the burn portal, paying them RYOSHI rewards. This reward mechanism was newly introduced by the Shiba Inu burn portal and was missing in previous burn party events organized by SHIB investors or the merchant community.
“Shib Army” or Shiba Inu’s community previously participated in events organized by Shiba Inu merchants or payment processors like NOWPayments that burned a fixed amount of SHIB per transaction. The burn portal takes the experience up a notch, increasing the value derived by the investor, two fold.
The launch of a portal by developers of the project has offered a way for the community of users to increase their wealth and contribute to the reduction of Shiba Inu supply.
The announcement reads:
Just like we push for transparency on each burn transaction, we also consider that it’s part of the original investment the holder made, and respect that and their choice to burn and support the process in which circulation reduction could have an effect.
Since the launch of the SHIB burn portal, a total of 8 million Shiba Inu tokens have been burned. A total of 11 billion SHIB have been destroyed, reducing the effective circulating supply and balance across exchanges.
Interestingly, while SHIB price posted 5% losses overnight, RYOSHI, the ERC-20 token of Ryoshi’s vision started an uptrend. Ryoshi’s vision project was inspired by the anonymous founder of Shiba Inu and the team behind the project is keen on realizing his vision for a DeFi project run by people.
Ryoshi token therefore intends to complement Shiba Inu in the long run.
Analysts have evaluated the Shiba Inu price trend and noted that the meme coin’s price remained largely stuck between $0.0000200 and $0.0000329 for over 409 days. Further, FXStreet analysts have predicted the formation of a bullish W setup in the Shiba Inu chart, and identified $0.0000500 as the next target.
