What is the Shibburn portal?

According to Shibburn on Twitter, there have been 17,434,272 $SHIB tokens burnt and eight transactions in the past 24 hours. Burning $SHIB lowers its circulating supply while allowing users to earn passive money.

Shibburn portal

Anyone can use the ShibaBurn interface to send their SHIB tokens to a remote crypto wallet address, the specifics of which will not be stored. This implies that once the crypto tokens transmit to this wallet address, they can never be recovered and are thus lost forever. The objective is that with each burn, the wealth of the community rises, rewarding the long-term work to create Shiba Inu, said Shiba Inu creators in a blog post.

The reward for Shibburn users

The Shiba Inu crypto coin, based on the Ethereum (ETH) network, was created by an anonymous developer named Ryoshi. Using the Ethereum request for comment (ERC) version 20 protocol, he has now generated another token called the RYOSHIS VISION token.

According to details within the blog article, if you burn SHIB tokens, users will be rewarded with RYOSHI VISION tokens. Furthermore, 0.49% of all RYOSHI transactions will be given to SHIB token owners who have burned their tokens.

Advantages of burning cryptos

Like any other financial asset, cryptocurrencies derive their value from the economic rule of demand and supply. If an item is abundant but does not have enough demand, the price will decline, and vice versa.

Burning SHIB crypto tokens, or any crypto token, should reduce supply and drive the price (assuming its demand stays constant or goes up).

Shiba Inu is now trading at $ 0.0000121 per (SHIB/USD) with a market size of $6.65B. The 24-hour trading volume is $386.13 million.

The coin does not support smart contracts and has no assets behind it. It can, however, it can pass from one user to another.