SHIB holders who used the Shiba Inu Burn Portal to burn SHIB are now starting to earn rewards, as the incentives for burning Shiba finally come into play.
Ryoshis Vision - the token behind the burn portal - offered regular RYOSHI rewards to those using the burn portal.
Here’s the latest on the Shiba Inu Burn rewards.
Ryoshis Vision Rewards For Shiba Inu Burning
Nearly a month after the Shiba Inu Burn Portal went live, the Ryoshis Vision rewards now appear to be gradually entering the wallets of those who burnt SHIB.
The amount each SHIB burner will receive in RYOSHI depends on their contribution to the burn pool. The largest SHIB burner address, which destroyed 1.3 billion SHIB, was rewarded with 119 billion RYOSHI, worth just over $6000.
Once holders have received their RYOSHI, they must “WOOF” these returns to then claim them. When doing this in ShibaSwap, it locks an allocation of this up for a period of time - likely to prevent immediate dumping of RYOSHI.
Ryoshis Vision saw a massive price spike when the Shiba Burn Portal first went live. However, it has since followed the market and Luna crypto crash to drop 59% in the last two weeks.
Prior to when the Shiba Burn Portal launched, RYOSHI had around 25,000 holders. This number has now increased to just over 26,000.
These rewards will continue every two weeks, according to the Ryoshis Vision Medium post. This will happen 10 times, spanning a collective 20 week period, before rewards then end.
The Shiba Inu Burn Portal has now destroyed a whopping 28.8 billion SHIB, currently worth $361,570. The collective SHIB burned via the portal did reach $500,000 earlier in May, before the market crash saw SHIB also drop 40% in two weeks.