Shiba Inu developers launched a token-burning mechanism

The initiative was implemented at the request of the community

26.04.2022 - 08:15

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2 min

What’s new? The team behind the development of the Shiba Inu meme token has announced the launch of a token-burning mechanism called Shiba Burn. Using a special portal, SHIB owners can burn them, receiving burntSHIB tokens and rewards in RYOSHI tokens in return.

Source: Twitter.com

What else is known about Shiba Burn? After burning SHIB and receiving burntSHIB, investors will receive 0,49% of all RYOSHI transactions. As of 10:30 Moscow time on April 26, 1,44 billion SHIB have been burned per day (according to the Track Shiba portal). The launch of the mechanism had a positive impact on the asset price, with Shiba Inu up 7,4% overnight. The capitalization of the meme token is $13,35 billion (according to CoinMarketCap).

What had happened before? On April 12, the price of Shiba Inu (SHIB) rose by more than 35% to $0,000030. The altcoin’s rise in price came after its listing on the Robinhood platform. Earlier, an unknown crypto investor bought 3,9 trillion Shiba Inu tokens ($97 million at the exchange rate on March 25). And by the end of March, the number of Shiba Inu holders dropped by 55 000 in ten days. The decrease in the number of SHIB holders coincided with a decline in the number of transactions on the network. From January to February the figure fell by 9,27%.

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