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You Can Now Burn SHIB to Generate Passive Income

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Sun, 04/24/2022 - 12:18
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Alex Dovbnya
Shiba Inu are now able to earn passive income by destroying SHIB tokens with the help of the new burn portal
You Can Now Burn SHIB to Generate Passive Income
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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.”

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Those who contribute to reducing the supply of the second-largest meme cryptocurrency will be able to receive rewards in the form of burntSHIB tokens, whose owners will be able to receive roughly half of a percent of all conducted transactions.    

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.