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The amount of Shiba Inu <\/strong>SHIB\/USD<\/span> tokens burned surged 5,000% over 24 hours.<\/p>\n

What Happened: <\/strong>According to data from shibburn.com,<\/a> more than 12.7 billion SHIB tokens were burned.<\/p>\n

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The sharp increase in daily token burns comes after SHIB developers announced that the first set of rewards had been distributed to those who used the official ShibaSwap burn portal.<\/p>\n

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\u00a0Rewards Announcement\u00a0<\/p>\n

The first distribution of ShibaBurn Rewards are out now.<\/p>\n

For those who burned $SHIB<\/a> trough the burn portal and are holding $burntSHIB your rewards are available now.<\/p>\n

Check your balance https:\/\/t.co\/trkX7sBEWu<\/a>#RyoshisVision<\/a> #ShibaSwap<\/a> #Together<\/a> pic.twitter.com\/ocldV4dBKZ<\/a><\/p>\n

\n\u2014 Ryoshis Vision (@Ryoshis_Vision) May 17, 2022<\/a><\/p><\/blockquote>\n

When users burn tokens through this portal, they will be awarded $burntSHIB which can now be redeemed for Ryoshi\u2019s Vision<\/strong> RYOSHI\/USD<\/span> tokens.<\/p>\n

These RYOSHI rewards will be locked for a period of time, so as to prevent the holders from selling their tokens immediately.<\/p>\n

See Also: HOW TO BUY SHIBA INU COIN (SHIB)<\/a><\/em><\/p>\n

Shiba Inu first released its own token burning portal<\/a> in April and holders burned 8 billion SHIB within the first 24 hours of its launch.<\/p>\n

At the time of writing, over 41 billion SHIB tokens had been burned and the rewards rate had an APR of 6.45%.<\/p>\n

Price Action: <\/strong>According to data from Benzinga Pro<\/a>, SHIB was trading at $0.0000123, down 1.99% in the last 24 hours.<\/p>\n<\/div>\n