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.

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.

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Considering Buterin’s actions and the current initiative, 410.33 trillion tokens out of 1 quadrillion SHIB have been withdrawn from circulation (41% of the problem).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