After a long wait, the Shiba Inu #burn. portal dubbed ShibTorch is now live on the Shibarium Layer 2 scaling solution.
Shibarium, the Ethereum-based Layer 2 (L2) scaling solution of the Shiba Inu ecosystem is changing forever. After months of speculation, the memecoin project developers have launched the ShibTorch, the portal for automatic burning of SHIB.
Shibarium Burn: Catalyst For SHIB Supply Crunch
One of the long term promises of the ecosystem developers is to launch the auto burn feature. While the ShibTorch name and the launch timeline was kept hidden until today, it has not failed to impress the community.
As one of the top meme coins in the market, Shiba Inu places a major premium on burning its excess supply. Before now, the memecoin relied heavily on goodwill efforts from its community to burn the excessive SHIB in circulation. This burning is largely manual and this causes massive fluctuation in the total amount burnt.
This uncertain burning has placed enough pressure that sees Shiba Inu struggling to maintain resilience in recent times. Things are changing starting from today with ShibTorch. As the team explained, the need for the token burning is hinged three pivotal anchors. These include controlling inflation, reducing the supply to generate higher value and incentivizing holders who when they hold can gain more value over time.
