The Shiba Inu (SHIB) Burning Mechanism Has Something Big Coming
✍️ 19 September, 2022 - 16:52 👤 Editor: Jakub Motyka
- Shiba Inu, the puppy coin project, will have a new burning mechanism for its SHIB token.
- According to a series of tweets, Shiba Eternity could offer new ways to burn utility.
- What will happen to the puppy token? Will its price go up?
Shytoshi Kusama, one of the main representatives of the project at the Shiba Inu (SHIB) community, spoke about the burning of the Shib token. In a series of tweets, he announced the implementation of a major update to ecosystem projects, with a special focus on the NFT game, Shiba Eternity.
Remember that the Shiba Inu was born as a project aimed at dethroning the king of dog meme coins, Dogecoin. For this reason, it has been designed as a totally deflationary currency and with an excessively large supply of tokens. Unlike other ecosystems, it relies heavily on burning to grow the price of its Shib token.
What Will The New Shiba Inu Burning Method Be About?
Through his Twitter account, Shytoshi Kusama mentioned the Shiba Inu ecosystem game, Shiba Eternity, in the same context as the SHIB Token burning. For many, this has been reason enough to think there will be new in-game burning methods in development.
At the moment, there is not much information about the new burning mechanism or the surprises that the project has prepared. However, the team's developer was very clear that those who question the project's success will "get burned."
At the same time, Shytoshi promised to reveal new information about Shibarium shortly. The Shiba Inu ecosystem's long-awaited layer 2 solution will bring with it new utility burning tools and methods for Shiba Inu and their SHIB token.
How Is The SHIB Token Burn Going?
Currently more than 40% of the total supply of a quadrillion SHIB tokens has been burned, with Vitalik Buterin being the main burner in history. Since the implementation of the burn portal, this number has continued to creep up. In the last 3 months, nearly 11 billion tokens have been burned, for a weekly average close to 1 billion SHIB.
Shibarium and the new NFT game burning tools are expected to give Shiba Inu burnings a significant boost.
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