The Shiba Inu community has been abuzz with discussions regarding the effectiveness of the Shibarium burn portal, known as Shib Torch. Some members raised concerns about the lack of updates and the actual burning process.
To address these concerns, Kaal Dhairya, a developer from the Shibarium team, confirmed that over 300 million SHIB tokens have been successfully burned through the portal. This clarification comes after community member Emrys questioned the project's commitment to the auto-burn feature.
How Does Shibarium Burn Work?
While the initial burns were conducted on the Ethereum network, the Shibarium team is actively working on optimizing the process. The upcoming maintenance of the Shib Torch platform is expected to introduce a more efficient burning mechanism.
The Future of SHIB Burning
The burning of SHIB tokens is a crucial strategy to reduce the token's overall supply, potentially increasing its value. As the Shibarium ecosystem continues to evolve, it's likely that more innovative burning mechanisms will be implemented to further boost the token's price.
However, it's important to note that the burning process is just one factor influencing the price of a cryptocurrency. Market sentiment, technological advancements, and broader economic conditions also play significant roles.
December 2024, Cryptoniteuae