Shiba Inu holders will be able to receive their rewards for burning SHIB tokens on May 17, according an announcement posted on Twitter.
As reported by U.Today, the team behind the second-biggest altcoin launched a burn portal in late April after forming a tie-up with decentralized finance project Ryoshi’s Vision (RYOSHI). More than eight billion tokens were burned within the first day of the launch.
The users of the burn portal receive burntSHIB tokens after permanently removing a certain number of SHIB tokens from circulating by sending them to a burnt address. They will then be able to exchange burntSHIB tokens for RYOSHI, the native token for the Ryoshi’s Vision token.
Users will be receiving rewards in RYOSHI tokens every two weeks. The owners of burntSHIB tokens are entitled to 0.49% of all transactions.
SHIB, which started off with one quadrillion tokens, currently has 54 trillion tokens in circulation. Nearly half of the cryptocurrency’s total circulating supply was burned by Ethereum co-founder Vitalik Buterin last year. The programmer also donated a portion of the SHIB tokens that were originally gifted to him by anonymous co-founder Ryoshi.
Shiba Inu users are burning the tokens in order to make the canine cryptocurrency more scarce, thus potentially boosting its value.
The SHIB token is currently trading at $0.00002013 on the Binance exchange.