Shiba Inu had announced earlier this year that it’s all set to launch its own in-built ‘burn portal’. The platform will burn SHIB tokens on a daily basis and remove them from circulation. The development will increase its demand and create scarcity in the market paving way for sustainable growth in price. During a recent SHIB AMA held on Twitter Spaces on April 1, a question was asked about the ‘SHIB burn’ portal’s progress.
Growth Breed member Archangel gave updates on its progress and confirmed that the burn portal is in its final stages. “I know there’s a lot of asking for burns. We’re in the final stages of building a burn portal.”
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However, Archangel failed to give a tentative release date for the portal despite confirming that it’s in the “final stages”. However, considering that the platform is nearing its finish line, it could be launched anytime sooner or later.
The team remains dedicated to implementing additional burns after the community urged the developers to launch their own burn platform. The burns will send a large number of tokens to a dead wallet and keep the system transparent.
Last month, a blog was published by a dev highlighting the progress of the burn portal with no release date. “A Burn Portal for SHIB is being currently worked on by the developer team and there is no current release date. But testing has begun with more details forthcoming,” it read.
SHIB Discord moderator Queenie had previously stated that the burn portal will be released before the upcoming ShibaSwap 2.0. The much-awaited ShibaSwap 2.0 is expected to be launched during the first half of the year.
Shiba Inu Burns
Several companies around the world have joined hands to participate in the SHIB burn process. Businesses such as Shiba Coffee Company, The Vibe Maquillage, Marklien, Precious Paws, Cryptoon Network, Save The F**king Trees, THE SHIBETTES | 1/1 NFTs, Shiba Search among others have collectively joined in on the SHIB burn pledge. On any given day, millions of Shiba Inu tokens are being burned and removed from circulation.
Nonetheless, SHIB needs a massive amount of burns every day to realistically move towards the path of the ‘1 Cent Dream’. For that, the upcoming SHIB Burn portal could be the key to helping the token scale up in price.
At press time, Shiba Inu was trading at $0.00002609 and is up +2.32% in the 24-hours day trade.