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HomeCryptocurrencyShiba Inu Officially Launches SHIB Burn Portal: Burn SHIB Tokens and Get...

Shiba Inu Officially Launches SHIB Burn Portal: Burn SHIB Tokens and Get Rewards: Details

Shiba Inu community has been anticipating the launch of the SHIB burn portal, it’s now officially here, according to the latest announcement.

Shiba Inu team recently took to Twitter to announce the launch of the mechanism that will enable members of the community to burn SHIB tokens seamlessly.

Read Also: How SHIB Burn Portal Could Destroy 111 Trillion Tokens Every Year –Shiba Inu Team Member Explains

Shiba Inu team tweeted, “We are excited to announce the launch of the SHIB burn portal. Burn SHIB to generate passive income!”

The SHIB burn portal was first teased during the Shiba Inu AMA session conducted in February 2022. The SHIB team, in collaboration with third-party token Ryoshi’s Vision, created the portal to take tons of SHIB tokens out of the circulating supply of 549 trillion permanently.

Read Also: Shiba Inu Development Team Has Started Testing SHIB Burn Portal. Details

The new Shiba burn portal is reportedly hosted on ShibaSwap. According to the report, Ethereum (ETH) holders can also buy and burn SHIB through the portal.

Get Rewards as You Burn SHIB Tokens

According to the report, users that burn SHIB tokens via the Shiba Burn portal will be eligible for Ryoshi rewards based on the percentage of burn pool they hold.

The team stated that it decided to launch the SHIB burn portal to meet the request of the Shiba Inu community. The team says the community “has been quite vocal” about “creating a systematic method in which scarcity can increase while pushing the potential to grow the community’s wealth in their investment.”

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Shiba Inu holders believe that the removal of a large percentage of SHIB circulating supply could notably enhance its positive price trend.

Users that burn via the newly launched burn portal will gain passive income rewards, while 0.49% of Ryoshi transactions will return to the holders of $burntSHIB.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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