The team behind one of the most popular doge-inspired memecoins – Shiba Inu – has launched a burning mechanism that allows holders to burn their tokens while also generating passive income.The Shiba Inu burning portal is a functionality that enables users to send their SHIB tokens to a burn address. This is a wallet from which SHIB will no longer be retrievable, meaning that once the tokens are sent there, they can never be retrieved again – they’re going to be gone forever.
This effectively introduces a mechanism that allows for a reduction of the total circulating supply, making the tokens scarcer. This, in theory, can benefit investors – a scarce asset tends to be more preferred compared to one with unlimited supply or with considerable rates of inflation. Of course, all of this is entirely theoretical, and there’s nothing guaranteed – fixed or reducing supply doesn’t necessarily translate to increased value, meaning that the outcome of the burning portal is yet to be seen.
To reward users who decide to burn their tokens, the team provides an incentive in the form of a potential passive income source. Those who burn SHIB will receive a token called burntSHIB. The owners of the latter will receive rewards in RYOSHI tokens. . 0.49% of all RYOSHI transactions will be distributed to the owners of burntSHIB tokens.
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