The Shiba Inu Burn Portal is a concept that has gained significant attention in recent times. It's a decentralized platform designed to burn or destroy SHIB tokens, the cryptocurrency associated with the Shiba Inu meme.
The idea behind the Shiba Inu Burn Portal is to create a self-sustaining ecosystem where SHIB tokens are regularly burned, reducing the overall supply and increasing their value.
By doing so, the portal aims to create a deflationary effect, which can help to increase the value of the remaining SHIB tokens. This can lead to a more stable and secure cryptocurrency ecosystem.
The Shiba Inu Burn Portal is a community-driven initiative, where participants can contribute their SHIB tokens to be burned.
Check this out: Shiba Inu Crypto Burned
What is the Shib Burn Portal?
The Shib Burn Portal is a collaboration between the Shiba Inu team and Ryoshis Vision (RYOSHI) to support the growth of the SHIB ecosystem.
Users who burn their SHIB tokens receive another token called burntSHIB, which pays rewards in RYOSHI tokens at a varying rate.
0.49% of all RYOSHI transactions will be distributed to the owners of burntSHIB tokens.
The Shib Burn Portal aims to reduce Shiba Inu's circulating supply, which could potentially increase the coin's value over time.
A total of 1 quadrillion SHIB were minted at the project's launch, with around half sent to Vitalik Buterin, the co-founder of Ethereum.
Vitalik Buterin burned 410.24 trillion SHIB, worth around $6.7 billion, and donated the remaining 10% to charity.
More than 410 trillion SHIB, or 41% of the total token supply, has been burned, according to the SHIB token tracker Burn Dashboard.
The Shibarium team has been strategically utilizing a portion of the network's gas fees to execute SHIB burns since December 2023.
How Does it Work?
The Shiba Inu burn portal is a unique way to get rid of your SHIB tokens. Holders can send their SHIB tokens to a specific burn address.
To burn your SHIB tokens, you'll need to use one of the three addresses available on the portal. One of these addresses is the same one used by Vitalik Buterin to burn his SHIB holdings, which is a significant amount of $6.7 billion.
The portal allows you to send your SHIB tokens directly to the burn address, making it a straightforward process.
How It Works
The Shiba Inu burning portal, also known as ShibBurn, rewards users with a different token in exchange for burning SHIB coins. It was created in cooperation with Ryoshi, but the Shib development team has since taken over.
To use the portal, users simply send their SHIB tokens to a specific burn address. This address is unique to the portal and is not a regular wallet address.
Holders burned 20 billion Shiba Inu on the portal within five days of its launch, demonstrating its popularity among users. This is a significant amount of tokens, highlighting the portal's impact on the SHIB ecosystem.
There are three addresses for burning on the portal. One is the same address Vitalik Buterin used to burn his SHIB holdings, another is the same one that is used for ShibaSwap listings. The last is the Ethereum genesis address, dubbed the “black hole” address.
For your interest: Shiba Inu Coin Burning News
Does it Work?
Does it work? It's a long shot. Depending on some people's estimates, it could take about 24 to 7,000 years for SHIB to reach $1.
Burning a few thousand dollars worth of SHIB can't significantly impact a multi-billion dollar market cap. Believing otherwise is relatively optimistic.
The price can still surge, like it did after Vitalik wiped out nearly half the supply. This shows that the economic theory of supply and demand has merit.
It's hard to wait that long, but it's worth noting that some people think burning SHIB can pump the price.
If this caught your attention, see: Shiba Inu Price Prediction Chart
Shib Burn Portal Details
The Shib Burn Portal is a collaboration between the Shiba Inu team and Ryoshis Vision (RYOSHI), an ERC-20 token that supports the growth of the SHIB ecosystem.
Users who burn their SHIB tokens receive a new token called burntSHIB, which pays rewards in RYOSHI tokens at a varying rate.
0.49% of all RYOSHI transactions will be distributed to the owners of burntSHIB tokens.
A total of 1 quadrillion SHIB were minted at the project's launch, with around half of the total supply sent to Vitalik Buterin in May 2021.
Vitalik Buterin subsequently burned 410.24 trillion SHIB, worth around $6.7 billion, and donated the remaining 10% to charity.
More than 410 trillion SHIB, or 41% of the total token supply, has been burned.
The Shib Burn Portal is currently being tested on the Puppynet testnet, where it will allow automated SHIB burns triggered by specific conditions within the Shibarium protocol.
One such trigger could be the accumulation of $25,000 worth of BONE, Shiba Inu's ecosystem governance token.
Since December 2023, the Shibarium team has been utilizing a portion of the network's gas fees to execute SHIB burns, resulting in the removal of over 40 billion SHIB tokens.
Broaden your view: Shiba Inu Shibarium Burn
Frequently Asked Questions
How much SHIB will be burned in 2024?
Approximately 9.9 billion SHIB tokens were burned in January 2024, reducing the circulating supply. This move aims to increase the token's value, but its impact is worth exploring further
How many tokens will Shibarium burn?
Shibarium is expected to burn a significant number of tokens, with estimates ranging from trillions yearly, although an exact figure has not been confirmed. The project's team has mentioned the possibility of burning 111 trillion tokens yearly, but this has not been officially announced.
What do you get in return for burning a Shiba Inu?
Burning a Shiba Inu token rewards you with a unique token. This process helps reduce the circulating supply, potentially impacting the token's price
How many Shiba Inu coins are burned till now?
Approximately 410 trillion Shiba Inu tokens have been destroyed in the last three years. This reduction accounts for about 41% of the total supply of 1 quadrillion tokens
How much does a Shiba Inu need to burn?
To maintain its market cap, Shiba Inu would need to burn approximately 108 trillion tokens annually. This rate would result in half the supply disappearing in under three years.
Sources
- tweeting (twitter.com)
- $SHIB (twitter.com)
- CoinMarketCap (coinmarketcap.com)
- burned (shibburn.com)
- 82 Million Shiba Inu Burned: Can Price Surge 24%? (beincrypto.com)
- many creative ways (shiba-burn-tracker.com)
- $SHIB (twitter.com)
- $SHIB (twitter.com)
- Shibburn (shibburn.com)
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