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

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Shiba Inu

The long-awaited incentives for customers who took part in SHIB’s official Shiba Inu burning program have finally arrived in users’ wallets.

As the Shiba Inu team promised when the official burn portal went up a month ago, users engaged in the program have begun receiving Ryoshi Vision (RYOSHI).

How Are RYOSHI Rewards Distributed?

The amount of SHIB users burned throughout the workout determines the distribution of RYOSHI awards; the more SHIB burned, the higher the RYOSHI rewards, and vice versa.

Following reports that a user’s address had successfully delivered 1.3 billion SHIBs to the Shiba Inu burn pool, the user’s address was rewarded with 119 billion RYOSHI as a thank you for helping to reduce the circulating amount of SHIB.

The Shiba Inu team paid roughly 91.5 RYOSHI for every unit of SHIB delivered to the portal, based on the prizes issued to the largest SHIB burn address.

At the time of writing, the 119 billion Ryoshi Vision paid to the address is worth $6,033, with a unit of RYOSHI trading at roughly $0.0000000507 on the prominent cryptocurrency aggregator CoinMarketCap.

Although the 119 billion RYOSHI could have been worth more than $6,000, the token, like the rest of the cryptocurrencies, plummeted as TerraForm Labs’ native stablecoin UST experienced a severe dip, losing its peg to the US Dollar.

Read also: Shiba Burn Portal Has Already Burnt More SHIB Tokens in 72 hours Than All Other Burn Programs in 2022

The number of RYOSHI holders is increasing

Since last week, RYOSHI has dropped by more than 50%. As a result, there were only 25,000 digital currency holders before delivering RYOSHI awards to SHIB burners.

However, the figure has risen to 26,000 as prizes arrive in the wallets of individuals who participated in the SHIB burn.

Read also: Shiba Inu Burns 243 Million Tokens In 24 Hours, 3.96 Billion In a Week, With 26B SHIB Destroyed Since Burn Portal Launch

Measures to Prevent RYOSHI From Declining

The Shiba Inu team recognizes that most RYOSHI recipients may be enticed to sell their rewards on the open market, leading the price of the reward to plummet. As a result, it has put particular steps to prevent future accidents in place.

RYOSHI recipients will be asked to “WOOF” their prizes on ShibaSwap, the project’s decentralized exchange. The DEX will lock a considerable portion of the prize for some time while WOOFING RYOSHI.

In addition, the Shiba Inu team said in a Medium blog post that SHIB burners would be awarded every two weeks for a total of 20 weeks before receiving no benefits at all.

More Burning of SHIB in View

Meanwhile, many SHIB holders signed up for the Shiba Inu program primarily because of the benefits the team promised in exchange for burning their SHIBs.

Over 41.3 billion SHIB worth $508.9 million has been burned from the coin’s circulating supply so far.

SHIB holders are not planning to slow down anytime soon, as more of the money is being delivered to the burn pool.

Over 12 billion SHIBs have been burned since Shiba Inu announced it would begin giving incentives to SHIB burners.

The first 10 billion SHIB tokens were burned in a single transaction, while the remaining two billion were burned in 92 separate transactions.