Shiba Inu Team Speaks up About SHIB Burn Portal

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Shiba Inu

The Shiba Inu team released a blog detailing the current situation regarding the Ryoshi Vision-powered SHIB burn portal.

The RYOSHI rewards by the SHIB team are offered to the SHIB community, who have been aiding in reducing the circulating supply. The collaboration has been aimed at providing development for Shiba Inu and, in turn, offering incentives to the community.

According to the blog, the Ryoshi team failed to deliver the rewards promptly. Additionally, the team has received many tickets from users sharing their frustration with their social media.

“It has been informed that the contract is distributing rewards in a very slow manner, and some users have been unable to claim since the first day these rewards were set to be released.”

The SHIB team has also asked Ryoshi Vision to provide better communication and transparency to the community. The Ryoshi team addressed that issue on Twitter, taking full responsibility for the delays.

Related: Shiba Inu Now Accepted as Payment By California-based On-demand Printing Company 

Shiba Inu Burn Rate Slumps in the Last 24 Hours

According to Shibburn.com, the SHIB burn rate has dropped by 60.84% in the last 24 hours. As a result, a record 36,503,259 SHIB have been disposed of in the previous 24 hours. So far, 410,374,527,901,110 SHIB has been burned to date from its initial supply.

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Additionally, data from Whalestats reveal that SHIB is one of the most used contracts among the top 1,000 ETH whales in the last 24 hours. Following USDC, SHIB holds the second position amongst the giant 100 ETH whales. 

SHIB accounts for 17.92% of the whales’ holdings, which amounts to $505,696,354 of whale holdings. The 15th-ranked cryptocurrency currently trades at $0.000011 USD with a 24-hour trading volume of $315,609,228 USD, despite being down 3.99% in the last 24 hours.

Read more: Utel University Students Can Now Pay Tuition Fees in Shiba Inu.