The team behind the Shiba Inu has launched a portal where SHIB owners can burn them. In return, investors will receive burntSHIB rewarded in variable rate RYOSHI tokens.

🔥🔥ShibaBurn is live🔥🔥
Powered by Ryoshis Visionhttps://t.co/trkX7sBEWu

🔥🔥 Light the $SHIB🔥🔥
🔥🔥 win $burntSHIB🔥🔥
💰💰 Win $RYOSHI💰💰

This means 0.49% of all $RYOSHI the transaction goes to the owners of $burntSHIB. #RyoshiVision #SHIB #Together #RyoshiArmy #ShibArmy pic.twitter.com/erRcv1zlfu

— Ryoshis Vision (@Ryoshis_Vision) 23 April 2022

Burning coins reduces the coin supply and, other things being equal, increases their value. The initiative is in line with the wishes of the project community pushing for the creation of such a mechanism.

The portal was developed as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), a DeFi project focused on supporting the growth of the SHIB ecosystem in the Ethereum ecosystem.

0.49% of all transactions on RYOSHI will be distributed among BurntSHIB holders.

Within a day of the portal’s launch, the SHIB supply has shrunk by 8 billion tokens. According to a dedicated dashboard, 3.4 billion SHIB went through this procedure for a partial day on April 25.

Wow!

8 BILLION in the first 24 hours $SHIB Burned through the SHIB Incineration Portal!

🔥Burn $SHIB and earn passive income at https://t.co/jSnPG8SEoF!

IMPORTANT: Read the disclaimer at https://t.co/D91bVoMUtz pic.twitter.com/GmhxNdZAvi

– Shib (@shibtoken) 25 April 2022

According to CoinGecko, the price of the Shiba Inu is down 1.9% in the last 24 hours.

Recall that Vitalik Buterin became the largest owner of SHIB after the project developers sent half of the token emission to his wallet. Later, the co-founder of Ethereum burned 90% of this amount “to prevent speculation”.

Considering Buterin’s actions and the current initiative, 410.33 trillion tokens out of 1 quadrillion SHIB have been withdrawn from circulation (41% of the problem).

Binance previously burned its 19th quarter BNB burn of $741.8 million.