Shiba Inu’s burn portal is gaining popularity with users shortly after its launch that took place last week
More than eight billion Shiba Inu (SHIB) the tokens have been permanently removed from circulation in the past 24 hours using a new burn portal, according to a tweet posted by the official account of the popular cryptocurrency project.
Burning refers to the process of sending tokens to a dead address.
The burn portal is intended to make the process of removing tokens from circulation more organized.
It was launched in partnership with decentralized finance project Ryoshi’s Vision (RYOSHI) last week. Apart from potentially boosting the price of the token by permanently reducing its circulating supply, the holders of Shiba Inu will also be able to receive RYOSHI tokens in exchange for burntSHIB tokens. Shiba Inu started off with a maximum supply of one quadrillion tokens.
Ryoshi, the pseudonymous creator of the token, offered half of the supply to Vitalik Buterin, the co-founder of Ethereum.
In May, Buterin decided to donate 50 trillion SHIB tokens to a pandemic-focused relief fund.
In the same month, Buterine burned 410 trillion tokens, increasing the price of the token.
Presently, there are 549 trillion SHIB tokens in circulation.
After a significant correction, SHIB entered the mainstream consciousness in October due to its price surge. Despite community efforts to burn the token, its price remains under pressure. It is down 73.59% from its October high, currently trading at $0.00002262 on major spot exchanges.
Shiba Inu remains the 15th biggest token by market capitalization (one spot below rival Dogecoin).
