ShibaSwap Portal has launched by Shiba Inu Team.
All Shiba Inu Token Holders are invited to burn their shib token to get rewarded.
Shiba Inu Owners Flock to Burn Portal With 11B Tokens Removed.
SHIB valued about $251,000 have been burned in the first 24 hours of operation.
A new burning mechanism launched by developers of Shiba Inu.
"Burning" crypto means permanently removing tokens from circulation by sending them to a wallet.
Crypto projects may burn tokens to reduce supply, which could lead to increased prices in the future.
It Allows users to send SHIB tokens to a dead wallet address and in exchange sends “burntSHIB” tokens to users.
The mechanism did little to prop up SHIB prices amid a downturn in the broader market.
SHIB has lost 5.3% in the past 24 hours, with most losses coming after a market-wide slide.
Shiba Inu is the most popular meme coin among the cryptocurrencies.
Shiba Inu was launched in 2020 by pseudonymous developer Ryoshi.
SHIB can be seen as an Ethereum-based counterpart to Dogecoin (DOGE).
Which is the crypto industry’s oldest and most well-known meme coin.
The developers said that “tokens are transferred to a burn address".
Once a token is sent to a burn address, it's gone forever. A burnt cryptocurrency has a reduced supply.
"burntSHIB" token pays rewards in RYOSHI tokens at a varying rate.
According to the developers, 0.49% of all RYOSHI transactions will be distributed to the owners.