- Shibarium Network Launches Burn Portal to Help SHIB Burn Victims
- SHIB consumption rate increased by more than 43% in the last 24 hours
Shiba Inu (SHIB) recently saw a major development regarding its token burning, a move aimed at reducing supply and value.
However, despite these efforts, SHIB continued its downward trend on the charts. On the contrary, BONE, another token in the ecosystem, reacted more positively to these developments.
Shiba Inu’s Burn Portal Goes Live
According to the Shibarium Network’s X (formerly Twitter) page, Shiba Inu has launched a community burn portal, which went live on August 16. The burn portal is designed to reduce the total supply of SHIB tokens and increase their value. Each Layer 2 (L2) network transaction will contribute to burning more SHIB tokens.
In the first 24 hours since the portal’s launch, over 3.2 million SHIB tokens have been burned, indicating strong community participation. Additionally, analysis has revealed that 100 BONE tokens are required to initiate a burn on the portal, which should increase demand for BONE as the burn rate accelerates.
At the time of writing, data from CoinMarketCap revealed that over 589 trillion SHIB tokens were in circulation, with a market capitalization of approximately $7.8 billion.
The introduction of the Burn Portal represents a strategic move to manage the immense supply of SHIB and improve its value over time while strengthening the utility and demand for BONE within the Shiba Inu ecosystem.
Shiba Inu Burns So Far
An analysis of the Shiba Inu (SHIB) burn rate on Shibburn revealed that over 410.7 trillion SHIB tokens have been burned so far. With an initial max supply of over 999 trillion, the large volume of tokens burned has contributed to its circulating supply at the time of publication of approximately 589 trillion SHIB.
Further data indicated that in the last 24 hours alone, the burn rate has increased by nearly 44%, reflecting an accelerated effort to reduce the total supply. This ongoing burn process is intended to manage the inflation of the token and potentially increase its price over time.
How SHIB and BONE reacted to the development
An analysis of the Shiba Inu (SHIB) price trend indicated that recent developments have had only a slight impact on its value.
According to AMBCrypto’s daily chart analysis, SHIB ended its previous trading session in a downtrend. In fact, this marked the fourth consecutive day of decline for the memecoin.
Source: TradingView
At the time of writing, even though SHIB has seen a modest increase of around 0.45%, the overall trend remains bearish. The Relative Strength Index (RSI) has also indicated a sustained bearish trend, remaining below the neutral line.
– Is Your Portfolio Green? Check Out the Shiba Inu Profit Calculator
On the other hand, BONE performed slightly better in the rankings, increasing its value by only 1% when news of the update broke.
Shortly after, the altcoin lost 0.6% of its value.
Like SHIB, BONE also appeared to be in the midst of a downtrend, as evidenced by the RSI being below the neutral line.
Source: TradingView
