Shiba Inu Launches Token Burning Platform for Holders, Promises Reward for Burning
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Though some entities on the SHIB network have been burning tokens for a while now, the burn portal allows any Shiba Inu holder with a Web3 wallet to engage in the burning practice, to improve the deflationary attribute of the token.
Over the weekend, an unofficial Twitter account dedicated to announcing developments on the SHIB network noted: “The SHIB burn portal is LIVE — Burn SHIB, reduce its circulating supply, and generate passive income while doing so.”
With the new burn portal now live, data from Shibburn shows that the burn rate is on the rise, once again. As of yesterday, the SHIB burn rate had increased by a whopping 347.35% in 24 hours.
The burn portal noted: “Welcome to the SHIB Burn Portal,” adding: “We’re excited to see you here. This burn portal is set to make it rewarding for users to regularly burn SHIB while effectively reducing its circulating supply.”
The website detailed that SHIB burners that get burntSHIB will receive roughly 43.76% annual percentage rate (APR).
Key Shiba Inu Levels to Watch — April 25
Over the weekend, Shiba Inu recorded a steep decline towards the $0.0000220 low amid a strengthening correlation between Bitcoin and the stock market. The meme coin has maintained a downward trend since April 12, after it tapped a multi-month high of $0.0000300.
That said, SHIB has rebounded mildly over the last few hours, as it regained a footing above the $0.0000235 support. However, the cryptocurrency now has to contend with the top of the bearish flag on my 4-hour chart to put an end to the bearish momentum. A clean break above this trendline could trigger a rally to the $0.0000260 top in the near term. With the recently-released token-burning platform picking up relevance, we could see this rebound sooner rather than later.
Meanwhile, my resistance levels are $0.0000250, $0.0000260, and $0.0000275, and my support levels are $0.0000235, $0.0000220, and $0.0000210.
Total Market Capitalization: $1.8 trillion
Shiba Inu Market Capitalization: $12.9 billion
Shiba Inu Dominance: 0.72%
Market Rank: #15
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