The Shiba Inu Burn Portal has now sent over $500,000 worth of SHIB to the dead wallet, under two weeks since its launch.
After the burn portal went live on April 23, some 25 billion SHIB has been burned. At current prices, this is worth $535,000.
The burn rate has slowed since its initial launch, having burned 20 billion a week after the burn portal’s launch. However, it still remains higher than the SHIB burn rate prior to April.
25 Billion SHIB Destroyed By Burn Portal
As the burn portal reaches this latest milestone, those SHIB holders who support Shiba burns will continue to celebrate the success of the portal, which acts as a more official place for transparent burns to take place.
The total was pushed over the 25 billion SHIB mark by a single burn for 1 billion tokens, worth $21,190.
Of course, this $500,0000 amount does depend on the price of SHIB, which is now hovering around the $0.000021 area. Smaller SHIB burns continue to take place outside the portal, with the Shiboshi NFT renaming process also adding 1.8m to a burn wallet per renaming.
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The Shiba burn portal contributions also grant rewards from Ryoshi’s Vision - the third-party token that created the burn portal.
Taken from transaction fees of Ryoshi’s Vision, the first batch of RYOSHI rewards will be distributed on May 17. After this, these rewards are expected to occur every two weeks. Ryoshi’s Vision remains up 41% since the Shiba Burn Portal first released.
With the burntSHIB pool growing larger by the day, the reward saturation of RYOSHI continues to decline. This offers one possible explanation for the SHIB burn drop-off, aside from just a natural decline in interest after launch.