SHIB burn rate skyrockets as Ryoshis Vision announces the start of burn reward distribution

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The rate at which SHIB tokens are being burned has increased dramatically since Ryoshis Vision announced the commencement of Shiba Inu Burn Reward distribution.

Shibburn says the SHIB burn rate jumped by over 5000 percent in less than 24 hours on May 18, 2022, resulting in the largest single transaction burn of 10 billion SHIB tokens.

The Shiba Inu community burned around 12.8 billion SHIB tokens during the time given.

The first distribution of ShibaBurn Rewards is now available, according to Ryoshis Vision’s tweet. The rewards for those who used the burn portal to burn SHIB and have $burntSHIB are now available.

Read also: Shiba Inu Begins Burn Rewards Distribution: Here’s how much money you can make by helping Shib Burn Portal

The Burn Portal is Massively Reducing the Token’s Supply

On April 23, 2022, the team behind the dog-themed cryptocurrency project launched the SHIB burn portal. ShibArmy burned 29.5 billion SHIB between the launch of the burn portal and the start of reward distribution. The total was 42.4 billion tokens.

According to Etherscan data, the SHIB burning address received 119 billion RYOSHI, roughly $6,500. Holders who burn their SHIB tokens to claim their rewards must “WOOF” them. This measure prevents holders from selling their RYOSHI right away.

Read also: Shib Burn Portal Removes Over 8 Billion SHIBs in the First 24 Hours After Launch

Shiba Inu has destroyed 410.35 trillion SHIB tokens since its inception. SHIB had a total supply of one quadrillion tokens at launch. More than half were locked in a smart contract to provide liquidity on the decentralized exchange Uniswap. The rest was given to Vitalik Buterin, the co-founder of the Ethereum blockchain.

After receiving the massive gift from the Shiba Inu team, Buterin transferred 90% of the SHIB tokens to a dead wallet, where they will remain inaccessible indefinitely. This unusual action removed over 410 trillion SHIB from the massive circulating supply, which most likely caused the subsequent massive spike in SHIB prices.