With the use of the new burn portal, Shiba Inu users can now generate passive money by destroying SHIB tokens.
According to a recent release, investors of the "Dogecoin Killer" Shiba Inu can now make passive income by burning SHIB tokens using the newly launched burn portal.
Users can permanently remove them from the circulating supply. It is feasible to make the token a little more scarce in this manner, potentially boosting the token's price.
The community has made sporadic attempts to remove tokens from circulation, with members keeping a close eye on Shiba Inu's burn rate.
The gateway was created in partnership with the authors of the RYOSHIS VISION token and enables for systematic burning of SHIB tokens. Shiba Inu's developers hope that the new functionality will help the token become "one of the best digital assets in history."
Those that help reduce the supply of the second-largest meme cryptocurrency will be rewarded with burntSHIB tokens, which will allow its owners to collect around a half-percentage of all executed transactions.
Recently, NOWPayments, an Amsterdam-based cryptocurrency payment processor, released a tool last month that allows them to burn a percentage of tokens received from customers. The burning mechanism will be implemented by Welly's, John Richmond, and other Shiba Inu-friendly businesses.