Shiba Inu to Launch its Official Token Burning Portal
Table of contents
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.
“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Feb. 21-22, approximately 22 million SHIB tokens were sent to dead wallets such that the tokens could be neither withdrawn nor spent.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.
The same data provider tweeted that the week before Feb. 20, a whopping 917,202,013 SHIB were locked into the aforementioned dead wallets.