- Shibarium Network launches Burn Portal to support SHIB burns
- SHIB’s burn rate has increased by over 43% in the past 24 hours.
Shiba Inu (SHIB) recently recorded significant progress regarding the burning of its tokens in an effort to reduce supply and value.
However, despite these efforts, SHIB continues to trend downwards on the charts. In contrast, another ecosystem token, BONE, reacted more positively to these developments.
Shiba Inu Barn Portal is now open
According to X of the Sibarium Network (formerly Twitter) page where Shiba Inu introduces the community Burn Portalwas launched on August 16. The Burn Portal is designed to reduce the total supply of SHIB tokens and increase their value. Every transaction on the Layer 2 (L2) network contributes to the burning of more SHIB tokens.
In the first 24 hours after the portal launch, over 3.2 million SHIB tokens were burned, a sign of active community participation. Furthermore, analysis revealed that 100 BONE tokens are required to initiate a burn on the portal. As the burn rate accelerates, we expect the demand for BONE to increase.
At the time of writing, CoinMarketCap It was revealed that there are over 589 trillion SHIB tokens in circulation, with a total market capitalization of approximately $7.8 billion.
The introduction of the Burn Portal represents a strategic move to manage SHIB’s vast supply and increase its value over time, while strengthening the utility and demand for BONE within the Shiba Inu ecosystem.
Previous burns suffered by Shiba Inu
Analysis of the Burn Rate of Shiba Inu (SHIB) Sibbarn It has been revealed that over 410.7 trillion SHIB tokens have been burned so far. While the original maximum supply was over 999 trillion, the sheer amount of tokens burned contributed to a circulating supply of approximately 589 trillion SHIB at the time of writing.
Additionally, data shows that efforts to reduce the total supply are accelerating, with the burn rate spiking by nearly 44% in the past 24 hours alone. This ongoing burning process is intended to manage inflation of the token and drive up its price over time.
How did SHIB and BONE react to this development?
After analyzing the price movement of Shiba Inu (SHIB), we notice that recent developments have only had a marginal impact on its value.
According to AMBCrypto’s daily chart analysis, SHIB ended the last trading session in a downtrend. In fact, this marked the fourth consecutive day of decline for the meme coin.
Source: TradingView
At the time of writing, SHIB has recorded a modest increase of around 0.45%, but the overall trend remains bearish. The Relative Strength Index (RSI) is also indicating a sustained bearish trend and remains below the neutral line.
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In contrast, BONE performed slightly better on the charts, rising just 1% after news of the update spread.
However, soon after, the altcoin’s value fell by 0.6%.
Similar to SHIB, BONE also appears to be in the midst of a bearish trend, as can be seen by the RSI being below the neutrality line.
Source: TradingView
