Shiba Inu Unveils SHIB burning portal to increase value and reward users

LAGOS (CoinChapter.com) — In a bid to increase the value of their token and reward holders the team behind Shiba Inu (SHIB) has created a new mechanism that allows customers to burn SHIB tokens while earning passive income.

Shiba Inu via its official Twitter handle announced the new initiative dubbed SHIB Burn Portal. The portal according to the meme token is strictly aimed at decreasing SHIB supply which will invariably boost its value.

Shiba Inu’s team explained that the new burning mechanism will make SHIB one of the best assets in the world. Notably, users who decided to burn their token will send it to a burn address where it cannot be retrieved.

Furthermore, Shiba Inu tapped Ryoshis Vision (RYOSHI) to roll out the new SHIB Burn Portal. Notably, RYOSHI is the anonymous creator of the Shiba Inu project.

As a result, the collaboration holders who burn their tokens will receive burntSHIB tokens in their Ethereum wallets. Additionally, 0.49% of all RYOSHI transactions will be distributed to the owners of burntSHIB tokens.

Interestingly, since the launch of the new burn portal over eight billion SHIB has already been burnt. The meme token project revealed that the initiative has registered massive participation and more burn is expected to take place.

Shiba Inu Begins Metaverse Land Sales

Meanwhile, it is worth noting that the SHIB burning initiative is not the only activity currently happening in the meme token ecosystem.

Shiba Inu has announced the public land sales for its upcoming metaverse. The public sale event is set to commence after the initial 10 days of the bid and holder event, which represents the first two stages.

The land sales will consist of 100,595 plots of land although only 32,124 plots will be available for sale. However, some lands will remain locked as they represent key locations like roads, hubs, and avenues for travel within the metaverse.

SHIB Price Plunges

Despite the major activities happening in its ecosystem Shiba Inu native token has failed to surge in recent days.

The token price was down 6.1% in the last 24 hours and was trading at $0.000022749033, according to data from Tradingview.

Notably, SHIB price trades under a bearish pretense under the influence of a resistance trendline and cracks under the 200-day EMA. However, the downtrend remains low in range and shows lower price rejection candles with long-tails.

Currently, the second largest meme coin has a market cap of $12 billion with a 24-hour trading volume of $605.9 million. It also has a circulating supply of 550 trillion SHIB coins and a total supply of one quadrillion.