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0.49 percent of all RYOSHI transactions will be distributed to owners of $burntSHIB, thereby encouraging more Shiba Inu holders to burn their bags.
The Shiba Inu community, alias the Shib Army, has welcomed a new initiative to reduce the total number of SHIB tokens in supply via the burning portal. According to an announcement by ShibaSwap, Shib holders now have a chance to earn passively while they reduce the token’s circulation supply.
“This burn portal is set to make it rewarding for users to regularly burn $SHIB while effectively reducing its circulating supply. Burn $SHIB, reduce its circulating supply, and generate passive income while doing so,” ShibaSwap noted.
Notably, 0.49 percent of all RYOSHI transactions will be distributed to owners of $burntSHIB, thereby encouraging more holders to burn their bags.
The move is meant to make Shib tokens more scarce thereby increasing their market value. Nevertheless, the Shiba Inu team has warned that the burning portal is not a guarantee of a future price rally. However, as observed with other crypto projects like Binance’s BNB, the overall effect of a token burn is a future price rally.
The Shiba Inu community has opted to burn tokens voluntarily. This is not the norm as most crypto projects burn tokens from a part of the accrued transaction fees.
“The portal has been constructed with a fully flexible, and extensible system, inviting any and all tokens that want to offer rewards to those who choose to burn their $SHIB tokens,” the announcement reads.
The ShibaSwap project has provided a ShibaBurn contract, however, it was not accessible for further analysis at the time of reporting.
Shiba Inu On-Chain Analysis and Market Outlook
According to statistical data provided by ethplore.io, 1,138,474 SHIB holders have made 7,439,129 successful transfers. In the past 24 hours, the SHIB token has recorded a volume of $586 million, up 69.7 percent.
Worth noting, the meme token is trading around $ $0.000022701, having dropped 6.59 percent in the past 24 hours. Additionally, the token has dropped approximately 74.33 percent since hitting ATH around $ 0.000088.
The digital asset has a market capitalization of $ $12,464,130,174.78. There are 999,991,663,235,402.80 SHIB in total supply valued at $ 22,700,527,869.52 as of today.
With the introduction of a burning mechanism, the token is likely to surge in the future.
However, the entire crypto market is on a downward trend and most analysts do not expect a bull market until 2024.
Nevertheless, the SHIB community is capable of pulling a bull market. Remember the coin is a meme token that is heavily dependent on speculative trading. Otherwise, the SHIB team is working on a metaverse that is likely to stimulate further growth.