Based on CoinMarketCap’s data, the total market capitalization of cryptocurrencies is $864 billion, after falling by 4% in the previous 24 hours. Shiba Inu led the top cryptocurrencies with gains between 1 and 4% in the same period.
Although Shiba Inu has shown strength in recent days, there is a risk that the coin will suffer even more losses. Even with the unveiling of ShibsSwap’s Shib Inu Burn Portal Rewards, the technical setup suggests that price growth will deteriorate.
The SHIB-Burn portal was set up to provide “passive income” to holders of SHIB tokens who burn their tokens. The profits will be distributed in the form of RYOHI tokens, with 0.49 percent of all transactions going to SHIB holders.
After the establishment of the Shiba-Inu-Burn portal, a SHIB “BURN pool” was formed to create incentives for burning the meme coin.