Shiba Inu Development Team Currently Testing the SHIB Burn Portal.
Shiba Inu has announced that its development team has begun testing its much-anticipated burn portal for its native cryptocurrency SHIB.
The dog-themed project made this known today in a recent blog post where the company announced the launch of a defense breed, a team of enthusiasts responsible for protecting its ecosystem from malicious projects seeking to take advantage of the community.
“Burning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,” Shiba Inu said in a recent announcement.
While there is no official release date for the burn portal, the development team’s initiative is being worked upon, with more details expected to be made public in the coming days, Shiba Inu announced.
“A Burn Portal for SHIB is being currently worked on by the developer team and there is no current release date, but testing has begun with more details forthcoming.“
Why Shiba Inu Burn Portal is Needed
The Shiba Inu burn portal is being designed based on constant calls from enthusiasts.
Many SHIB enthusiasts believe that the major reason why the cryptocurrency is yet to reach the value of 1 cent is because of the large max supply of the coin.
According to data on Coingecko, Shiba Inu has a max supply of 1 quadrillion coins, which has not contributed positively to the utility of the coin.
SHIB has surged 39950909.0% from its all-time low (ATL) of $0.000000000056, however, the coin’s value is still far from hitting 1 cent.
Efforts to Reduce SHIB Supply
As part of efforts to ultimately reduce the supply of Shiba Inu coins to boost its value, the community has joined several initiatives, including purchasing and sending some amounts of SHIB to a so-called inferno wallet.
Meanwhile, the community yesterday sent a total of 83 million SHIB to the inferno wallet via five different transactions.
Bigger Entertainment was at the forefront of the SHIB burning exercise; however, the music and entertainment company broke many hearts when it announced that it will discontinue its burning parties, saying the initiative hurts its reputation.
The company added that it would be launching a unique initiative that would serve the same purpose as the SHIB burn parties.
With the development team currently testing the burn portal, it is only a matter of time before the community will stop relying on the efforts of a single entity to reduce the token’s total supply.