Shiba Inu Burn Rate Jumps 800% to 12.6 Billion $SHIB After Burn Rewards Start Being Distributed

The rate at which Shiba Inu ($SHIB) tokens are being burned has jumped 800% to a new record of 12.8 billion tokens shortly after the cryptocurrency’s burn portal started distributing $RYOSHI rewards to those who burn tokens.

As CryptoGlobe reported, the first distribution of rewards has already gone out to those who burned $SHIB through the burn portal. Whenever users burn tokens through it, they are awarded $burntSHIB, which can then be used to get RYOSHI.

The team behind the meme-inspired cryptocurrency launched the burn portal on April 23 and from that point on until rewards started being distributed the SHIBArmy burned around 29.5 billion $SHIB. After rewards started being distributed earlier this week, the figure jumped to 42.47 billion tokens at the time of writing.

The distribution of rewards has seen SHIB’s burn rate, as tracked by Shibburn, jump well over 800% to a new 12.8 billion token record burn in only 24 hours.

One large SHIB burning address that destroyed 1.3 billion tokens has so far received nearly $6,5000 in RYOSHI, according to Etherscan data. After SHIB holders burn their tokens, they received $burntSHIB which allows them to get RYOSHI. To claim their tokens they must “WOOF” them, which locks them in for a period of time, presumably to prevent token holders from immediately dumping their RYOSHI.

So far, a total of 410.35 trillion SHIB have been burned since the cryptocurrency was launched. Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while another half were sent to Ethereum co-founder Vitalik Buterin.

The Ethereum co-founder grabbed around 90% of the tokens donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation.

Notably, the burn portal may soon be complemented by a donation portal, which has been suggested by community members looking to further SHIB’s use as a charitable cryptocurrency.

To make sure you receive a FREE weekly newsletter that features highlights from our most popular stories, click here.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay