Shiba Inu Team: “Shib Official Burning Portal Testing Has Begun”

Shiba Inu Team: “Shib Official Burning Portal Testing Has Begun

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 initiative is being worked upon by the development team, 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. 

Download our Android app, never to miss the latest news

Get it on Google Play

Original Source :thecryptobasic.com

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required

We are an independent media. You can support our website via crypto donations:

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Xrp
Scan to Donate Bitcoin to 14vcMm7kbTPNHVo5wzuaFDxrNoxMyfWMCa

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Tag/Note:- Network: Bitcoin
Scan to Donate Ethereum to 0x60a74989be2c3621a1b8f1043ea1fb30a4b3d999

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Tag/Note:- Network: Ethereum (ERC20)
Scan to Donate Tether to TLKr5RStxxXnSauYwtRNQMm7TJM88KmXbT

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Tag/Note:- Network: TRC20
Scan to Donate Cardano to DdzFFzCqrhsu9pvQL5CtaNbTvgCzt4364Puq5pCGKcV4MTnmvqaQA646Gn1qxgzhX3rC8ghN5nazKcJaEf61hNvkxGUvgndn31d3mjV7

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Tag/Note:- Network: ADA CARDANO
Scan to Donate Xrp to rEb8TK3gBgk5auZkwc6sHnwrGVJH8DuaLh

Donate Xrp to this address

Scan the QR code or copy the address below into your wallet to send some Xrp

Tag/Note:- MEMO: 101799261