The holders of meme cryptocurrency Shiba Inu can now generate passive income by burning SHIB tokens with the help of the newly launched burn portal, according to a recent announcement.
By destroying SHIB tokens, users permanently remove them from the circulating supply by transferring them to a burn address. In such a way, it is possible to make the token a little more scarce, which could potentially boost the token’s price.
The community has made patchy efforts to remove tokens from circulation, with its members constantly monitoring Shiba Inu’s burn rate.
The portal, which allows burning SHIB tokens in a systematic way, was built in collaboration with the creators of the RYOSHIS VISION token. The team of developers behind the token believes the new feature will allow Shiba Inu to become “one of the best digital assets in history.”
Last month, NOWPayments, an Amsterdam-based cryptocurrency payments processor, launched a feature that allows them to burn a certain percentage of tokens that they receive from customers. Welly's, John Richmond, and other Shiba Inu-friendly have agreed to implement the burning mechanism.
The price of the Shiba Inu (SHIB) token is currently sitting at $0.00002418, according to CoinMarketCap data. The supply of the meme cryptocurrency stands at 549 trillion tokens, which is 45% lower than the initial supply of one quintillion tokens.
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Vladislav Sopov