Shiba Burn Portal Update: Day 2 Over 8 Billion Shiba inu Tokens Have Been Decimated

(Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. Every investment and all trading involves risk, so you should always do your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.)

The Shiba Burn Portal is on Day 2 of its launch. Forget the FUD as the proof is in the statistics. As of right now over 8 Billion Shiba Inu Tokens are gone forever. How it works is rather straightforward. The tokens are sent to a burn address meaning the wallet is no longer accessible. Every time this burn portal is used the circulating supply of the cryptocurrency is reduced.

The idea behind this is simple supply and demand. Like any other business the more scarce a product is, in this case, a token, the more value it will have. One of the biggest problems that members of the Shib Community have is that there was no way to essentially reduce the supply. As more businesses adopt the method of burning tokens the more we will see an uptick in the Burn Rate. Why would someone burn their own cash flow? it is simply a marketing strategy. Many businesses have already calculated the burn into the price of their goods and services. The more they burn the more exposure they will get so theoretically this will be a win-win situation not only for the company but for the Shib Amry as well.

We have to also remember that many companies were already burning Shiba Inu but now they have a way to get incentives for burning as well. Businesses and individuals that now decide to burn tokens will be rewarded with a share of Ryohi at the rate of .049%. Though this may seem low it is these types of incentives that will give businesses even more reasons to offer this as part of their marketing strategy.

We can see the excitement in the community we look at the tweets that are going out such as this one by Shib Joe where he says “Wow this is truly epic. The burn rate has skyrocketed!  8 Billion #SHIB burned through the official burn portal so far “

Wow this is truly epic. The burn rate has skyrocketed! 🚀

8 Billion #SHIB burned through the official burn portal so far 🧡🔥https://t.co/oB14Poj1wQ pic.twitter.com/RDF4d1kZb1

— 🐶 𝕊ℍ𝕀𝔹 𝕁𝕆𝔼 🐶 (@LAGOJOE1) April 24, 2022

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The Shib Army is already celebrating the Burn Rate all over Social media. We have found accounts on Facebook, Twitter, Linkedin, and Reddit that seem to be stoked with the launch of the burn portal. This is also bringing more attention to the token itself as many of the strategies that are used for the Shib Token are to create hype and in return get free advertising. Time will be the judge of how many tokens will be burned and if the excitement lasts but at least for now, the community is 100% behind the idea.