Popular memecoin token Shiba Inu has announced the launch of the SHIB burn portal. This comes after weeks of speculations and increased burns of Shib being recorded in recent days.
The Shiba Inu development team made this announcement in a tweet on April 24, 2022, by 11:25 pm UTC. This development is expected to have a major effect on the Shiba Inu ecosystem and users will be able to burn SHIB on burn.shibaswap.com to generate passive income.
As expected the announcement has drawn the interest of the crypto community and many have responded positively to the development. Shiba Inu has continued to grow in recent weeks with many platforms listing Shiba and other ecosystems tokens like Bone and Leash.
Shiba Inu burning mechanism
The process of burning Shiba Inu usually involves sending coins to dormant wallet addresses to remove them from circulation. In recent weeks more than 2 billion Shib tokens have been burned by community-led initiatives.
Projects such as ScareCrow automatically use the tax amounts to buy SHIB and burn whenever holders buy or sell tokens. While others like 1Cent use the burning mechanism to ensure the progress of its ecosystem.
Shiba Inu price
Shiba Inu has received a major jolt in the bearish crypto market due to the announcement. However, the gains have not overtaken the current state of the crypto market. Shib is down 0.42% and ranked 15th on the CoinMarketCap coin rankings.