Shiba Inu burning portal lets holders earn interest on their burntSHIB tokens
The long-awaited Shiba Inu burning portal is now live and anyone holding the meme coin can earn passive income while simultaneously reducing the number of $SHIB tokens in circulation with the intention to raise the price of the ones that remain. Shiba Inu burning sprees have been major price fluctuation drivers and now the official Shibaswap burn section is up and running to encourage and facilitate the activity. Users can now send their Shiba Inu coins to a burn address where they become irretrievable and are given $burntSHIB tokens in exchange which they can store in their Web3 wallets.
According to its founders, the establishment of the Shiba Inu burning portal aims to distribute half a percentage point in RYOSHI transaction rewards to those who burn their Shiba Inu holdings.
In this portal, no act and effort of burn goes unnoticed. Just like we push for transparency on each burn transaction, we also consider that it’s part of the original investment the holder made, and respect that and their choice to burn and support the process in which circulation reduction could have an effect. This portal has been built to reward $SHIB burners with a passive income acknowledgement in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.
For an ersatz meme coin, Shiba Inu has been growing in popularity as a payment method at such big retailers as Newegg, GameStop, Petco, and even Lowe's or Bed Bath & Beyond, but its current price is still a fraction of the peak, hence the strong ShibArmy community push towards burning sessions. Since the Shibaswap portal introduction on Saturday, the $SHIB burning rate has reportedly increased more than three times and the Shiba Inu burning portal creators say owners can hit 43.76% annualized rate on their $burntSHIB holdings, though they do acknowledge that the APR can vary greatly.