Shiba

Portal

Shiba Inu

The Shiba Inu team has come up with an important announcement that’s integral to the ongoing and long-term development of the project.
In a tweet from August 16th, the team said that the long-awaited community Burn Portal is now live.
<blockquote>
 Introducing Shib Torch!
 The long-awaited community Burn Portal is now live. Every Shibarium L2 transaction now helps burn SHIB, reducing the total supply.
 <blockquote class="twitter-tweet">
 Introducing <a href="https://twitter.com/hashtag/ShibTorch?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ShibTorch</a>!
 The long awaited community Burn Portal is now live. Every <a href="https://twitter.com/hashtag/Shibarium?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Shibarium</a> L2 transaction now helps burn <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SHIB</a>, reducing the total supply.
 Start burning today <a href="https://t.co/NL6HAkE90j" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/NL6HAkE90j</a>
 — Shibarium Network (@ShibariumNet) <a href="https://twitter.com/ShibariumNet/status/1824480207245332630?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">August 16, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</blockquote>
It’s worth noting that this is not an update in terms of core functionalities of the network because Shiba Inu has been burning tokens for a while now. Each SHIB transaction generates a base fee that’s being locked in the burning contract. Once there are enough BONE tokens, users will be able to initiate a burn. For now, they need at least 100 BONE tokens.
According to the <a href="https://www.shibburn.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">dashboard</a> that tracks the burn rate on a daily basis, it has increased by 44% since yesterday, resulting in slightly over 3 million SHIB tokens being taken out of circulation.
<figure id="attachment_354203" aria-describedby="caption-attachment-354203" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-354203" src="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49.png" alt="" width="1436" height="672" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49.png 1436w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49-300x140.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49-1024x479.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49-768x359.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-17-at-12.32.49-50x23.png 50w" sizes="(max-width: 1436px) 100vw, 1436px"></a>
 <figcaption id="caption-attachment-354203" class="wp-caption-text">
 Source: Shibburn
 </figcaption>
</figure>
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Important Shiba Inu (SHIB) Announcement

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