The Shiba Inu Coin creators have made the rationale of burning the coins clear in a statement on its website. The burning process has been initiated to create a scarcity of the SHIB thereby inflating its values. The team also said that they ar working to make the coin one of the best in the history of cryptocurrency.
Shiba Inu Coin Holders Can Earn Handsome Profits
Shiba Inu Coin holders can earn handsome profits by becoming a part of the SHIB burning process. A dedicated Shibaswap burn portal has been set up where the community members can burn tokens and reduce the circulation of SHIB. Burning of Shiba Inu Coins has been taking place on the network for some time now. However a dedicated burn portal gives holders with a Web 3 wallet facility to burn tokens. Additionally holders of the token will get an opportunity to earn passive income by participating in the burn process.
The Burn portal is a joint venture between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project. Ryoshis Vision is involved with developing the SHIB ecosystem. Shiba Inu Coin owners will burn the tokens and in the process earn income in the form of RYOSHI Rewards by holding a new token named “burntSHIB“.
Shiba Inu Coin Worth $8 Billion Decimated
The portal had in a tweet informed that within 24 hours of the launch SHIB worth 8 Billion dollars have been burnt. In other words the value of the tokens burnt in today price is equivalent to $181,040 (INR 1.4 Crores). Describing the initiation of the burn process the portal informed that there has been numerous requests by the community and this was the only logical way in which the process could be completed.
However the launch of the burn portal did not have much impact on the values of the token and until the last news the value of Shiba Inu Coin stood at $0.000024 (INR 0.002) which 5.62% less than the value last year.