Important Shiba Inu (SHIB) announcement.

The Shiba Inu team has made an important announcement that is part of the ongoing, long-term development of the project.

In a tweet on August 16, the team said that the long-awaited community Burn Portal is now live.

Introducing Shib Torch!

The long awaited community Burn Portal is now live. Each Shibarium L2 transaction now helps burn SHIB, reducing the total supply.

presentation #ShibTorch!

The long awaited community Burn Portal is now live. each one #Shibarium Transaction L2 now supports recording $SHIBreducing total supply.

Start recording today https://t.co/NL6HAkE90j

— Shibarium Network (@ShibariumNet) August 16, 2024

It’s worth noting that this isn’t an upgrade in terms of core network functionality because Shiba Inu has been burning chips for a long time. Each SHIB transaction generates a base rate that is being locked into the active contract. Once there are enough BONE tokens, users will be able to start a recording. For now, they need at least 100 BONE tokens.

According to the dashboard that tracks the burn rate daily, it has increased by 44% since yesterday, resulting in just over 3 million SHIB tokens being taken out of circulation.

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