The SHIB burn portal is one of the major projects the Shiba Inu team have brought to life this year, even as it marks 100 days. So far, the burn portal is managed by Ryoshi Vision, who promised to deliver ‘burn rewards’ for users during its launch on April 25, 2022.
However, the SHIB team recently showed concerns after Ryoshi Vision failed to distribute the rewards. Ryoshi Vision took full responsibility for the failure and addressed the issue stating the team is working towards starting rewards.
Ryoshi Vision stated in a tweet:
“We are taking full responsibility for the delays and are actively working towards a rapid response and resolution.”
Over 61 Billion Shiba Inu Tokens Have Been Burned
As the Shib Burn Portal enters the 101st day, 2,041 wallet addresses have sent over 61 billion tokens to dead wallets. The overall price of the SHIB burns combined on the portal stands at $732,531. The burns might reach $1 million by October this year.
In addition, Shiba Play, a SHIB Super Store business arm, is also ‘burning’ the tokens regularly. As a result, the SHIB Super Store has burned 2.5 billion SHIB tokens worth nearly $58,791.
Also, many other businesses across the globe announced they would burn SHIB from a small margin of their profits.
Shibarium Could Be A Game Changer
The SHIB team are also planning to include an in-built ‘burn portal’ into the upcoming Shibarium layer-two solution. The L2 network might charge and use the fee to initiate transactions and burn SHIB tokens. If the portal works as planned, the amount of SHIB burns might surge significantly.
Therefore, Shibarium might be a game changer for Shiba Inu and scale its price up sustainably through constant burns.
The dog-themed memecoin was trading at $0.000012 and was up 2.46% in the 24 hours day trade. The token is also down 86.2% from its all-time high of $0.00008616, reached in October last year.