Shiba Inu is currently one of the top meme-coins in the market. Interestingly, the token achieved this feat within two years of its inception. Although the coin grew in popularity, SHIB’s value in the market couldn’t reach the 1 cent mark. This setback is the humongous one quadrillion initial supply of SHIB. Experts believed that Shiba Inu did not bring enough value to hike up the value of the entire supply. So, soon the SHIB community resorted to burning excessive supplies by sending them to a dead wallet.
The community initiative to burn SHIB is now taken by the official Shiba Inu team, who launched the SHIB Burn Portal last Saturday. The initial supply of 1 quadrillion tokens was reduced to around 550 trillion after Ethereum co-founder Vitalik Buterin burned his tributes. Now, even after months of burning operations, the community could not make any significant impact. However, according to Shiba Inu Discord moderator Queenie, this new portal could hypothetically burn around 111 trillion tokens every year.
It has been only three days since the portal was launched. Yet, more than 10 billion SHIB tokens have been burned and sent to a dead wallet. One of the SHIB Burn Portal transactions reportedly carried 1 billion tokens. According to SHIBILIA, this anonymous user spent around $23,000 to remove the 1 billion dollars from circulation. Rumors claim that the unidentified user is a Shiba Inu whale, and this is by far the largest transaction to the newly launched portal.
The Shiba Inu burning initiatives have not yet made any dent in the supply as it remains unshakeable at 549 trillion. The Shiba Inu community needs to speed up the process to make any significant changes to the supply. Still, experts claim that the burning process would take many years, even with the new SHIB Burning Portal. The 111 trillion yearly estimations only account for 20% of the entire circulation. Yet, this estimation could increase exponentially in the coming months as the team hopes to implement its new plans on a large scale.
As per the reports, the meme-coin team will integrate its popular products like Shibarium, Shibverse, and ShibaSwap 2.0 with the SHIB Burning Portal. Moreover, the portal would be improved to its full functionality, and automatic burning options would be implemented to reduce the supply. After months of community-based initiatives, Shiba Inu finally adopts an in-built “burning mechanism” to upscale the token value. This systematic adoption is expected to be much more efficient than previous initiatives. Shiba Inu’s Discord moderator Queenie also said that the transactions to the portal in the future might come with a small transaction fee.