The Shiba Inu (SHIB) team announced that it will be launching an official burn portal for SHIB to reduce the cryptocurrency’s total supply. SHIB Burning Portal In a recent Shiba Inu AMA hosted by Watcher Guru that drew in nearly 7,500 listeners from speakers like Shib Informer, Queenie, Archangel, and other top Shiba enthusiasts, the Shiba Inu team revealed that ShibaSwap 2.0 will include a specific burn portal. JUST IN: Shiba Inu announces the launch of a “burn portal” coming soon. — Watcher.Guru (@WatcherGuru) February 23, 2022 “We want to make the burn rate grow with the utilization rate of the platform. So if you think about it, this is kind of a new utility. It’s about getting the supply slowly reduced as you use the platform,” the Shiba Inu team stated. However, the team advised the community not to expect 90% burn from its 1 quadrillion SHIB total supply as that would be next to impossible. The upcoming initiative will further improve the utility of the meme-based cryptocurrency, according to the team. Massive Amount of SHIB Burnt According to data from Shibburn, between Feb. 21-22, approximately 22 million SHIB tokens were sent to dead wallets such that the tokens could be neither withdrawn nor spent. In fact, a total of 11 transactions took place during which a total of 18,859,775 Shiba Inu were removed from the circulating supply. Later on, another three million tokens were moved in three transfers. In the past 24 ho...
