Get Shibby with it: The SHIB burning portal will be launched

Popular memecoin project Shiba Inu (SHIB) has launched a SHIB Burn Portal to reduce token supply and allow users to earn passive rewards in the process.

The Shiba Inu team explained on the portal website that it was explicitly created to increase SHIB’s scarcity and make it “one of the best digital assets in cryptocurrency history.”

The portal was created as part of a partnership between Shiba Inu and Ryoshi’s Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project that aims to support the growth of the SHIB ecosystem.

SHIB writers receive two incentives for their efforts. First, they help reduce the circulating supply of memecoins, theoretically making them scarcer and more valuable. Second, they receive BurntSHIB tokens in their Ethereum (ETH) wallet, which pays holders RYOSHI rewards at a floating rate.

SHIB Burn Portal Dashboard

The project tweeted today that within the first 24 hours of the portal going online, “over $8 BILLION SHIB were burned on the portal.”

However, the launch hasn’t done much to affect the price of SHIB as the price is down 3.3% in the last 24 hours and according to CoinGecko it was $0.00002345 at the time of writing.

To date, 410 trillion SHIB tokens have been burned, which is about 41% of the total token supply, according to SHIB token tracker Burn Dashboard. SHIB can also be burned by sending it to dead or unused crypto wallets.

The project initially sent Vitalik Buterin half of the total shipment from SHIB. He burned almost everything last May and sent the rest to a charity.

SHIB summary

It seems the hype surrounding SHIB is increasing, as pollster Benzinga found in a recent poll published April 23 that almost twice as many people believe SHIB will hit $0.001 before Bitcoin (BTC) hits $100,000. Of the 1,000 people polled, 64.3% favored SHIB going up first.

Related: Memecoins are seeing major overhauls in an effort to return to their former glory

SHIB enthusiasts have also been urged by a SHIB developer to be on the lookout for a scammer attempting to fake the Shiba Inu: deployer 2 wallet. Kaal Dhairya explained in an April 22 blog post that malicious code was injected into the wallet, so it may be unclear who sent or received tokens from the deployer.

Dhairya said people should be aware of the blunder but rest assured their funds are safe. He wrote:

“The scammers/clever marketers use programming to fool millions of people, sometimes more malicious code could drain your wallet on token approval, we see this every time and it breaks our hearts as there is nothing we can do for She.”