On April 23, 2022, ShibaSwap launched a burn portal, offering Shiba Inu holders an opportunity to burn their tokens. Burning tokens involves removing them from circulation permanently. This process aims to increase the scarcity of a coin, thus potentially boosting the value of the remaining tokens.
While burning tokens may seem counterintuitive, Shiba Inu holders are rewarded for their participation. For every SHIB token burned on the ShibaSwap burn portal, holders receive one BurntSHIB token in exchange. Additionally, owners of BurntSHIB tokens are eligible for rewards in the form of Ryoshis Vision (RYOSHI) tokens.
The ShibaSwap burn portal states that individuals who own BurntSHIB tokens will receive rewards in the form of RYOSHI tokens. These rewards are distributed based on transactions involving RYOSHI tokens, with 0.49% of all RYOSHI transactions being allocated to burntSHIB token holders.
The burn portal initially advertised an annual percentage rate (APR) of 43.76% in April. However, it is essential to note that the APR is subject to fluctuation, and the actual yield from burning SHIB tokens may be lower than the initial stated level. It is also worth mentioning that the rewards will start flowing on May 17th and will continue every two weeks, as announced by the official Shiba Inu Twitter account.
While the burn and earn mechanism may sound promising, there are a few factors to consider before participating. Firstly, burning tokens may not generate sufficient rewards to offset any losses resulting from Shiba Inu’s declining price. It is crucial to monitor the market and evaluate the potential risks involved.
Another consideration is the value of the rewards received from burning SHIB tokens. Since the launch of the ShibaSwap burn portal, the price of RYOSHI tokens has experienced a significant decline of over 50%. This volatility highlights the unpredictability of cryptocurrency investments and the potential impact on the value of rewards.
Apart from the burn and earn mechanism, there are other ways to earn Shiba Inu for free. It is important to be cautious and avoid fake sites that claim to offer free Shiba Inu. Many of these sites are scams and waste valuable time.
To earn Shiba Inu without investment, legitimate Get-Paid-To (GPT) sites provide reliable opportunities. These platforms offer various tasks, surveys, and offers that allow users to earn cryptocurrency rewards, which can later be converted to Shiba Inu.
Let’s explore some of the best sites to earn Shiba Inu for free:
Timebucks is a popular GPT site that offers a wide range of earning opportunities. Users can earn Shiba Inu by completing surveys, watching videos, and engaging in social media tasks. The platform has a relatively low payout threshold of $10 and offers various withdrawal options such as bank transfers and cryptocurrency conversions.
Freecash is another GPT site that provides multiple ways to earn Shiba Inu. Users can earn through surveys, tasks, and referrals. The platform offers convenient payment methods, including PayPal, gift cards, and cryptocurrencies.
Cointiply is a GPT site that exclusively pays users in cryptocurrency. Users can earn Shiba Inu by completing surveys, playing games, and watching videos. The platform offers global accessibility and various withdrawal options.
Peer2Profit is a unique GPT site that offers a passive earning opportunity. By installing their software on a computer or using their mobile app, users can earn Shiba Inu by sharing their unused internet bandwidth. The platform offers low payout thresholds and is available globally.
Lootup is a GPT site that directly rewards users with Shiba Inu. Users can earn Shiba Inu by participating in surveys, contests, and watching videos. The platform offers a user-friendly interface and easy withdrawal options for Shiba Inu and other cryptocurrencies.
Honeygain is an app that allows users to earn money by sharing their unused internet bandwidth. By installing their software or mobile app, users can passively earn Shiba Inu. The platform offers multiple withdrawal options, including PayPal and Bitcoin.
For users who earn cryptocurrencies on platforms that do not directly offer Shiba Inu as a reward, there is a process to convert earnings to Shiba Inu. One popular platform for this conversion is Crypto.com, which provides a cryptocurrency platform and free wallets for various cryptos, including Shiba Inu.
To convert earnings to Shiba Inu, users need to withdraw their cryptocurrency earnings to their Crypto.com account. From there, they can proceed to the Trade section, select the cryptocurrency they received, and convert it to Tether (USDT), a digital version of the US dollar. Finally, users can use USDT to buy Shiba Inu.
To further grow Shiba Inu holdings passively, Crypto.com offers a staking feature. Users can stake their Shiba Inu coins and earn interest on their holdings. The interest rate ranges from 0.5% to 5% depending on the staking duration and membership level. Staking Shiba Inu allows users to contribute to verifying transactions in the blockchain and earn regular rewards.
Earning passive income with Shiba Inu can be achieved through various methods. The burn and earn mechanism on the ShibaSwap exchange provides an opportunity to participate in increasing token scarcity and receive rewards in the form of RYOSHI tokens. Additionally, exploring GPT sites that offer Shiba Inu as a reward allows users to earn cryptocurrency and convert it to Shiba Inu. With cautious consideration of the potential drawbacks and market volatility, users can take advantage of these opportunities to generate passive income with Shiba Inu. Remember, investing in cryptocurrencies involves risks, and it is essential to stay informed and make well-informed decisions.
