The rate of Shiba Inu (SHIB) burned has jumped 800% to a new record of 12.8 billion tokens

The share of Shiba Inu (SHIB) being burned increased by 800% to a new record of 12.8 billion tokens shortly after the cryptocurrency’s write portal began distributing RYOSHI rewards to token burners.

Shiba Inu burn rate jumps 800% to 12.6B SHIB after-burn rewards start being distributed

The first reward distribution has been delivered to SHIB burners through the writing portal. Whenever users burn tokens through it, they are rewarded with burnSHIB, which can then be used to receive RYOSHI.

The team behind the meme-inspired cryptocurrency launched the writing portal on April 23, and from that point forward until the rewards started to be distributed, the SHIB army has burned around $29.5 billion is SHIB. After rewards began to be distributed earlier this week, the number has grown to 42.47 billion tokens. The reward distribution has seen SHIB write speeds, as tracked by Shibburn, skyrocket by more than 800% to record 12.8 billion new tokens in just 24 hours.

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According to Etherscan data, a large SHIB burn address that has destroyed 1.3 billion tokens has received nearly $6,5000 in RYOSHI. After SHIB holders burned their tokens, they received SHIB burn, allowing them to receive RYOSHI. To claim their tokens, they have to “WOOF” them, locking them up for some time, presumably to prevent token holders from dumping their RYOSHI immediately.

So far, 410.35 trillion SHIB have been burned since the cryptocurrency was launched. Originally, Shiba Inu had a total of one trillion tokens, but 50% of it was locked in a smart contract to provide liquidity on the Uniswap decentralized exchange, while half another was sent to Ethereum co-founder Vitalik Buterin.

The Ethereum co-founder got hold of about 90% of the tokens donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation. Notably, the write port could soon be supplemented by a donation portal, which has been suggested by community members who want to further use SHIB as a charity cryptocurrency.

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