Shiba Inu price explodes by 17% reaching new targets

Shiba Inu price explodes 17% reaching new target - dog looking at camera with its mouth openThe Shiba Inu developers have announced that the layer 2 scaling protocol of the Shibarium memecoin ecosystem will have a dedicated SHIB burn portal. The team revealed this in a blog post, with the intent of bringing clarity to the community in view of the approaching launch of Shibarium.

According to the team, the burn portal will cause all transactions on the network to have an "implicit burn amount." Each time a transaction is made, a base amount of gas tax will be used to burn SHIB through the portal.

Less SHIB out there

The team notes that the move to create the portal is in line with a promise to implement the popular requests of the Shiba community. The portal will also help reduce the supply of SHIBs in circulation over time, the team added.

“With the implementation of this feature, $SHIB token burn per transaction will be reflected in the total token supply and hopefully have a significant impact on the circulating amount of $SHIB supply over time,” the post reads. .

Meanwhile, the post also revealed other details of the long-awaited Layer 2 protocol. For example, it claims that there is currently no date for the Shibarium mainnet launch. The team urged community members to continue to wait patiently, as the focus is mostly on protocol building.

The team added that they cannot assure the community of the exact number of transactions per second (TPS) the protocol will have. However, he is confident that the TPS range will be able to compete with other established networks with similar specifications.

Community members can however anticipate the release of Shibarium Beta “soon”. Meanwhile, the post also shared details on how validators and delegators will operate and be rewarded for participating in Shibarium.

Will burn initiatives drive the price down to $0,02?

The Shibarium portal SHIB burn is just the latest initiative from the Shiba ecosystem aimed at reducing the supply of memecoins in circulation. The community has experimented with different ways to remove tokens from SHIB's massive circulating supply.

According to data from SHIB Burn, a portal that tracks the amount of tokens burned in real time, over 410 trillion SHIB have been burned so far out of the initial 1 quadrillion SHIB tokens minted at launch. In the last 24 hours, community members incinerated 37,3 million SHIB tokens.

Meanwhile, SHIB price reacted positively to Shibarium's announcement. SHIB is currently trading at around $0,000010, up 1,15% over the past 24 hours. This is a 9,46% gain from the price a week ago.

However, the announcement isn't the only bullish development in the Shiba ecosystem. SHIB community members in Japan are anticipating the memecoin listing on Okcoin Japan scheduled for February 2023, as promised by the exchange last month.