Popular memecoin project Shiba Inu (SHIB) has launched a SHIB Burn Portal to decrease token supply and enable users to earn passive rewards while doing so.
The Shiba Inu team stated on the portal website that it was created explicitly to increase the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
The portal was created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), which is an Ethereum-based decentralized finance (DeFi) project that aims to support the growth of the SHIB eco-system.
SHIB burners will enjoy two incentives for their efforts. First, they help reduce the circulating supply of the memecoin, theoretically making it more scarce and more valuable. Secondly, they receive burntSHIB tokens in their Ethereum wallet, which pays holders in RYOSHI rewards at a variable rate.
On Monday, the project tweeted that within the first 24 hours of the portal coming online, “over 8 BILLION $SHIB was burned” on the portal.
In the first 24 hours over 8 BILLION $SHIB was burned through the SHIB Burn Portal!
— Shib (@Shibtoken) April 25, 2022
The launch hasn’t done much to sway the price of SHIB, however, with the price dropping 3.3% over the past 24 hours to sit at $0.00002345 at the time of writing, according to CoinGecko.
To date, 410 trillion SHIB have been burned, representing about 41% of the total token supply, according to SHIB token tracker Burn Dashboard. SHIB can also be burned by sending it to dead or unused crypto wallets.
The project initially sent Vitalik Buterin half of the total supply of SHIB. He famously burned nearly all of it last May and sent the remainder to a charity.
It appears that hype around SHIB is on the rise, as pollster Benzinga found in a recent survey published on Saturday that nearly two times as many people believe SHIB will reach $0.001 before Bitcoin (BTC) reaches $100,000. Of the 1000 people surveyed, 64.3% favored SHIB to rise first.
Related: Memecoins eye major revamps in an effort to return to their former glory
A SHIB developer has also urged SHIB enthusiasts to be on the lookout for scammers who tried to spoof the Shiba Inu: deployer 2 wallet. Kaal Dhairya explained in a Friday blog post that malicious code was inserted into the wallet so that it could be unclear who sent or received tokens from the deployer.
Dhairya said people should be aware of the bug but rest assured that their funds are safe. He wrote:
“The scammers / clever marketers make use of programming to fool lot of people of millions, sometimes more malicious code could drain your wallet on approval of the token, we see this everytime and it breaks our heart as we can’t do anything about it for them.”