The post Examining the impact of Shiba Inu’s latest burn portal on SHIB’s price appeared on BitcoinEthereumNews.com.

The Shibarium network launched a burn portal to aid SHIB burns SHIB’s burn rate increased by over 43% in the last 24 hours Shiba Inu (SHIB) recently registered a major development with respect to the burning of its tokens, a move aimed at reducing supply and value. However, despite these efforts, SHIB has continued its downward trend on the charts. On the contrary, BONE, another ecosystem token, reacted more positively to these developments.  Shiba Inu’s Burn Portal goes live According to the Shibarium Network’s X (formerly Twitter) page, Shiba Inu introduced a community Burn Portal, which went live on 16 August. The burn portal is designed to reduce the total supply of SHIB tokens and increase their value. Every Layer 2 (L2) network transaction will contribute to burning more SHIB tokens. In the first 24 hours after the portal’s launch, over 3.2 million SHIB tokens were burned – A sign of strong community participation. Additionally, the analysis revealed that 100 BONE tokens are required to initiate a burn on the portal, which is expected to drive up the demand for BONE as the burn rate accelerates. At the time of writing, data from CoinMarketCap revealed that over 589 trillion SHIB tokens were in circulation, with a market capitalization of approximately $7.8 billion. The introduction of the burn portal represents a strategic move to manage SHIB’s vast supply and enhance its value over time while bolstering the utility and demand for BONE within the Shiba Inu ecosystem. Shiba Inu’s burns so far An analysis of Shiba Inu‘s (SHIB) burn rate on Shibburn revealed that more than 410.7 trillion SHIB tokens have been burned so far. With a maximum supply initially of over 999 trillion, the significant volume of tokens burned contributed to its press time circulating supply of approximately 589 trillion SHIB.…

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Filed under: News - @ August 17, 2024 3:08 pm