Shortly after the cryptocurrency’s burn portal began delivering $RYOSHI prizes to individuals who burn tokens, the rate at which Shiba Inu ($SHIB) tokens are burned soared 800 percent to a new high of 12.8 billion tokens.
According to CryptoGlobe, the first awards have already been distributed to individuals that burned $SHIB through the burn gateway. Users are granted $burntSHIB when they burn tokens through it, which can then be used to obtain RYOSHI.
On April 23, the company behind the meme-inspired cryptocurrency released the burn portal, and the SHIBArmy burned about 29.5 billion $SHIB from that point until prizes were given. The total grew to 42.47 billion tokens at the time of writing after awards began to be disbursed earlier this week.
410.35 billion Shiba Inu Coins Burned
According to Etherscan data, one huge SHIB burning address that burned 1.3 billion tokens has collected roughly $6,500 in RYOSHI. SHIB holders earned $burntSHIB after burning their tokens, allowing them to obtain RYOSHI. They must “WOOF” their tokens to claim them, which locks them in for a period of time, apparently to prevent token holders from selling their RYOSHI right away.
Since the cryptocurrency’s inception, a total of 410.35 trillion SHIB has been burned. Shiba Inu has a total supply of one quadrillion tokens, but half of them were locked in a smart contract to provide liquidity on the decentralised market Uniswap, and the other half were sent to Vitalik Buterin, the co-founder of Ethereum.
The Ethereum co-founder grabbed around 90% of the tokens donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation.
Notably, the burn portal may soon be complemented by a donation portal, which has been suggested by community members looking to further SHIB’s use as a charitable cryptocurrency. The distribution of rewards has seen SHIB’s burn rate, as tracked by Shibburn, jump well over 800% to a new 12.8 billion token record burn in only 24 hours.