Shiba Inu Launches a Token Burning Mechanism

The developers of the meme crypto Shiba Inu have just launched a portal where SHIB holders can burn them.

In return, investors will receive burntSHIB, which are rewarded in RYOSHI tokens with a variable rate.

It is worth noting that burning coins reduces the supply of these and, all other things being equal, increases their value. The initiative is in line with the wishes of the project community, which has driven the creation of such a mechanism.

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The portal has been developed as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), a DeFi project in the Ethereum ecosystem focused on supporting the growth of the SHIB ecosystem.

0.49% of all transactions on RYOSHI will be distributed among burntSHIB holders.

The supply of SHIB has dropped by 8 billion tokens a day after the launch of the portal. Reportedly, 3.4 billion SHIB have undergone the procedure during yesterday’s day.

Source