According to CryptoPotato, the Shiba Inu ecosystem is set to see a significant development as its lead developer has confirmed the creation of a burn portal. This announcement coincides with the burning of over 9.2 million SHIB tokens in the last 24 hours.
Shiba Inu's marketing strategist, Lucie, shared a key update with the community by posting a screenshot of Kusama's response on Telegram. Kusama, who represents the Shibarium team, acknowledged the importance of the burn portal and revealed that it is currently in progress. The team's central focus remains on boosting the adoption and use of the Shibarium protocol.
The significance of this development is evident when considering the recent burn statistics. Data from Shibburn shows that over 9.2 million SHIB tokens were burned in the last 24 hours. This action permanently removes the tokens from circulation, causing a change in market dynamics that could have substantial implications for the Shiba Inu ecosystem. Burning tokens refers to the intentional removal of tokens from circulation, creating scarcity and potentially increasing their value.
