SHIB Burn Portal

Shiba Inu (SHIB) is a popular meme coin that stemmed from the success of Dogecoin (DOGE) and was releasaed in August 2020 under the pseudonym Ryoshi. At the time of writing, SHIB is worth around $0.00002 and is the 15th top cryptocurrency by market cap. With the low price and popularity of the coin, the circulating supply exceeds 549 quadrillion Shiba Inu, with no maximum supply.

The Burn Portal (burn.shibaswap.com) went live on Sunday April 24 and has since seen over 20 Billion Shib tokens burned. This burning process involves sending SHIB to a burn address. The burn address only allows funds to come in, therefore “once a token is sent to a burn address, it’s gone forever.”

The purpose of the burning mechanism is to lower the circulating supply in attempt to increase the scarcity and eventually the price of the token. The burn portal is rewarding those who burn their SHIB tokens with RYOSHI token rewards- 0.49% of all RYOSHI transactions are promised to the owners of burntSHIB. View more details on official website: https://burn.shibaswap.com/details

Read more about the biggest recent burnings