According to the latest update, the Shiba Inu development team has started testing the much-awaited burn portal for the second-largest meme token SHIB.
In a blog post published today, the crypto project announced the launch of defense breed, a team of individuals that seek to protect the Shiba Inu ecosystem from malicious projects or persons that intend to take advantage of the community.
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The defense breed is also tasked with screening incoming projects, partnerships, collaborations, among others.
About the progress of the SHIB burn portal and the unspecified launch date, the Shiba Inu team wrote:
“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. Burning SHIB is a core aspect of our Ecosystem and we are always exploring new options to burn SHIB via utility.”
Why is the Need for Burn Portal
The Shiba Inu burn portal was considered after the community intensely demanded a viable system that will burn SHIB substantially in a bid to drastically reduce the circulating supply of the cryptocurrency.
It’s a general belief in the Shiba Inu community that SHIB will gain the ability to attain its potential in terms of price if a burn mechanism is devised. Lots of initiatives are already steadily burning SHIB, but the community thinks they are not enough, hence the emergence of the SHIB burn portal.
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According to the data provided by Coingecko, Shiba Inu (SHIB) has a maximum supply of 1 quadrillion coins, which is believed to be a drawback for its utility and value.
The SHIB token has risen 39950909% from its all-time low (ATL) of $0.000000000056, however, the coin’s value is still far from reaching $0.01 let alone 1 cent. But the Shiba Inu community resolutely believes that they can make this happen with unity.
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