Shiba Inu (SHIB) holders can now earn passive income by burning their $SHIB tokens.
The developers have officially launched the $SHIB burn portal.
On April 23, Shiba Inu Growth member Milkshake announced about the portal on her Twitter handle.
One of Shiba Inu’s biggest problems is regarding its circulating supply, which holds the SHIB back from rising in price.
Shibu Inu’s current circulating supply is 549 trillion, which is a lot. If the circulating supply of SHIB decreases then we may see a surprising increase in its price.
To address its circulation supply problem, Shiba Inu has created the SHIB Burn Portal in partnership with the RYOSHIS VISION token.
When a Shibu Inu holder burns a token on the portal it will be sent on a burnt address, i.e. a dead wallet from which tokens cannot be reverted.
The SHIB banner will be rewarded with a new token called “$burntSHIB.”
The $burntSHIB token will generate passive income for its holders, with some percentage from RYOSHIS transactions being distributed among its holders.
“This portal has been built to reward $SHIB burners, with a passive income acknowledgement, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB,” says SHIBABURN portol’s website.
More than 350 million SHIB tokens were burnt on the SHIBBURN portal just an hour after the launch.
While many people tweeted in support of this new portal, some people even made fun of it.