Popular memecoin project Shiba Inu (SHIB) has launched a SHIB Burn Portal to reduce token supply and allow users to earn passive rewards for doing so.
The Shiba Inu team stated on the portal that it was created expressly to increase the scarcity of SHIB and make it “one of the best digital assets in the history of cryptocurrencies.”
The portal is part of a collaboration between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project to support the development of the SHIB ecosystem.
SHIB burner efforts will be rewarded in two ways. First, they help reduce the circulating supply of memecoin, theoretically making it more scarce and more valuable. Second, they receive burntSHIB tokens in an Ethereum wallet that pays holders RYOSHI rewards at a variable rate.
On Monday, the project tweeted that it had “burned over $8 billion in SHIB” on the portal in the first 24 hours of its launch.
In the first 24 hours, over $8 billion in SHIB was burned through the SHIB Burn Portal!
Burn $SHIB and earn passive income at https://t.co/jSnPG8SEoF!
Important: Read the disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi
— Shib (@Shibtoken) April 25, 2022
However, according to CoinGecko, the launch did not have much impact on the price of SHIB, which, at the time of writing, is down 3.3% over the past 24 hours to $0.00002345.
According to SHIB token tracker Burn Dashboard, 410 trillion SHIB has been burned to date, or about 41% of the total token supply. SHIB can also be destroyed by sending it to a dead or unused crypto wallet.
The project initially sent half of the total supply of SHIB to Vitalik Buterin. Last May, he burned almost everything and donated the rest to charity.
The hype around SHIB appears to be on the rise, as pollster Benzinga found in a recent survey released Saturday that nearly twice as many people think SHIB will hit $0.001 before Bitcoin (BTC) hits $100,000 . Among the 1,000 people surveyed, 64.3% are in favor of SHIB rising first.
Related: Memecoins Eyes Major Makeover to Restore Former Glory
The SHIB developers are also urging SHIB fans to be on the lookout for scammers trying to spoof the Shiba Inu: deployer 2 wallet. In a blog post on Friday, Kaal Dhairya explained that malicious code was inserted into the wallet, so it may not be clear who sent or received the coins from the deployer.
Dhairya said people should be aware of the mistake, but rest assured that their funds are safe. He wrote:
“Scammers/smart marketers use programming to deceive millions of people, sometimes more malicious code can drain your wallet when approving tokens, we see this every time and it breaks our hearts Broken, because there’s nothing we can do about it for them.”