In a new development for the Shiba Inu ecosystem, the lead developer has officially confirmed the development of a burn portal, coinciding with the burning of over 9.2 million SHIB tokens in the last 24 hours.
Kusama Confirms Major Development
Lucie, Shiba Inu’s marketing strategist, revealed a key update to the community, sharing a screenshot of Kusama’s response on Telegram.
Kusama, representing the Shibarium team, acknowledged the importance of the burn portal, revealing that it is currently in progress. He also highlighted that the team’s central focus remains on boosting the adoption and use of the Shibarium protocol.
The significance of this move becomes clear when considering the recent burn statistics. According to data from Shibburn, the last 24 hours saw a burn of over 9.2 million SHIB tokens. This permanently removes the tokens from circulation, causing a change in the market dynamics that could have significant implications for the Shiba Inu ecosystem.
‘Burning tokens‘ refers to intentionally removing tokens from circulation, creating scarcity, and potentially increasing their value.