SHIB is going to launch its own burn portal to limit the circulating supply of the token. The team behind token’s development has announced the creation of the burn portal in a recent AMA.
SHIB is going to launch its own burn portal:
The meme currency has seen a tremendous last year as the token gained were near 6000%. Many people have benefited from it but with the start of this year, the whole crypto market got stuck into a bearish cycle including SHIB. Due to this tremendous growth, a lot of development started on the platform. The firm behind token released a roadmap that pledged to reduce the supply of tokens. SHIB is going to launch its own burn portal.
In a recent AMA, Archangel revealed that SHIB is going to lunch its own burn portal. This burn portal will be used by the firm to reduce the circulating supply of the token. Token burns are popular in the cryptocurrency space, as with demand remaining steady or rising and supply being burned, a token’s price tends to rise as it’s effectively deflationary. Archangel further added:
We want to make the burn rate grow with the utilization rate of the platform. So if you think about it, this is kind of the new utility. It’s about getting the supply slowly reduced as you use the platform.
Archangel further clarified that we will reduce the supply but it shouldn’t be expected to be 90%. 41% of the token’s supply has been burned already. SHIB is going to launch this amazing feature which will help a lot.
Read more interesting content here.