shiba inu developer Shytoshi Kusama recently made a statement on Discord. In this statement, one of the goals of the highly anticipated Shibarium layer 2 solution is to burn trillions of tokens. stated.
Kusama’s latest comment reflects sentiment in the wider SHIB community, which expects the total supply of the meme coin to decrease significantly following the launch of Shibarium.
π₯π₯ BOOM! π₯π₯ Confirmed! π₯³ Thurs #ShytoshiKusamaone goal of #shibarium is to Burn Trillions of $Shib! π₯π₯π₯ pic.twitter.com/rNkGTJ2fpE
β ππππ π₯ ππππππ (@ShibArmy_4Life) January 26, 2023
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Token burning is a process used by some blockchain projects to reduce the circulating token supply. This process removes the tokens of a particular cryptocurrency from the circulating supply, creating a positive manipulation in price. It refers to the deliberate removal of the coins available in the market, that is, the burning of them.
Shiba Inu Burns Attract Attention
This process transfers tokens from an address to a predetermined “burn” address. At this address, the tokens stay there forever, never to be used or traded again. Token burning cryptocurrency It is a way of controlling inflation in the economy. Additionally, it ensures that the value per single token remains constant over time. However, it is used as a way to increase its desirability.
The developer team behind Shibarium recently confirmed that all transactions on the network will have an implicit burn for the SHIB token and introduced the key concepts of the much anticipated solution. This will happen through the incineration portal, which is refreshed every time a transaction is made on the network.