• Shiba Inu developers have launched a burn portal to destroy more SHIB than ever before, reducing the meme coin’s circulating supply. 
  • Within the first 24 hours since its launch, 8 million SHIB tokens were burned. 
  • Analysts have predicted a retest of $0.00005 as Shiba Inu’s price consolidation fractal comes into play. 

Proponents have identified Shiba Inu token burn as one of the key drivers of long term gain in value. The launch of the SHIB burn portal is therefore an important milestone for Shiba Inu holders. 

11 billion SHIB were pulled out of circulation

Developers behind Shiba Inu have launched a burn portal, rewarding users for burning SHIB. There have been community organized burn events and parties, asking users to burn more tokens to increase the Shiba Inu’s market value. 

The burn portal was created through a partnership between Shiba Inu and Ethereum-based DeFi project Ryoshi’s vision (RYOSHI), the anonymous creator of SHIB. Based on the reward mechanism and the partnership, 0.49% of all RYOSHI transactions will be distributed to traders who have burnt SHIB tokens in their Ethereum wallet. 

The portal also offers users an opportunity to generate passive income by burning their Shiba Inu tokens. Burning Shiba Inu tokens will provide a dual benefit to investors, both from contributing to higher value in the long-term and earning incentives from holding burnt SHIB in their Ethereum wallet.

Burnt SHIB tokens will be added to the Ethereum wallet of investors using the burn portal, paying them RYOSHI rewards. This reward mechanism was newly introduced by the Shiba Inu burn portal and was missing in previous burn party events organized by SHIB investors or the merchant community. 

“Shib Army” or Shiba Inu’s community previously participated in events organized by Shiba Inu merchants or payment processors like NOWPayments that burned a fixed amount of SHIB per transaction. The burn portal takes the experience up a notch, increasing the value derived by the investor, two fold. 

The launch of a portal by developers of the project has offered a way for the community of users to increase their wealth and contribute to the reduction of Shiba Inu supply. 

The announcement reads:

Just like we push for transparency on each burn transaction, we also consider that it’s part of the original investment the holder made, and respect that and their choice to burn and support the process in which circulation reduction could have an effect.

Since the launch of the SHIB burn portal, a total of 8 million Shiba Inu tokens have been burned. A total of 11 billion SHIB have been destroyed, reducing the effective circulating supply and balance across exchanges. 

Interestingly, while SHIB price posted 5% losses overnight, RYOSHI, the ERC-20 token of Ryoshi’s vision started an uptrend. Ryoshi’s vision project was inspired by the anonymous founder of Shiba Inu and the team behind the project is keen on realizing his vision for a DeFi project run by people. 

Ryoshi token therefore intends to complement Shiba Inu in the long run. 

Analysts have evaluated the Shiba Inu price trend and noted that the meme coin’s price remained largely stuck between $0.0000200 and $0.0000329 for over 409 days. Further, FXStreet analysts have predicted the formation of a bullish W setup in the Shiba Inu chart, and identified $0.0000500 as the next target. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

US Dollar Index struggles to defend 102.00 ahead of US PMI, GDP data

US Dollar Index struggles to defend 102.00 ahead of US PMI, GDP data

US Dollar Index (DXY) seesaws near 102.00 as the bulls struggle to defend the first daily gains in three, marked the previous day, during early Tuesday’s inactive trading.

Read full analysis

BTC

ETH

XRP