As the Shiba Inu (SHIB-USD) community continues to grow, SHIB crypto developers are trying their hardest to keep its holders happy. That means boosting the use cases for the pupcoin, while also bringing up prices and broadening exposure. Luckily for the Shiba Inu faithful, the project has proven successful in these goals recently. This week, the implementation of a burn portal is helping the network to reduce the supply of the token. The news helps to solve an issue that has been long requested by SHIB holders.
2022 has been kind to Shiba Inu. The year has seen some of the biggest upgrades since the ShibaSwap exchange launched last year. Most notable is the ongoing rollout of SHIB: The Metaverse. The play-to-earn mobile metaverse experience is one of the most intensive projects SHIB developers are taking on thus far. And, as these developers begin selling off in-game land to lucky early access users, the hype continues to build for the full release.
This new space, in conjunction with several other planned Shiba Inu products, like the Shibarium layer-2 network, are heavily tied to the SHIB currency itself. SHIB will be the asset through which users will be able to buy virtual land, earn rewards and more. As such, it is important to ensure stable pricing and solid fundamental values. This leads to calls for things like a massive reduction in supply; with hundreds of trillions of SHIB in circulation, demand does not reach the supply. This, in turn, keeps prices held down. But luckily, it seems that developers have a plan to strengthen the crypto.
Shiba Inu Burn Portal Set to Shrink SHIB Supply
Over the weekend, Shiba Inu developers announced the implementation of a SHIB burn portal. Located on ShibaSwap, the portal is a way for users to voluntarily burn SHIB tokens in order to permanently reduce the total supply.
The portal also rewards participating users with cryptocurrency. When one sends SHIB into the portal, they receive a token called burntSHIB back. This token pays rewards in a third cryptocurrency, called Ryoshis Vision (RYOSHI-USD). The RYOSHI token is a sibling token to the greater Shiba Inu ecosystem; it was created in August of last year in order to help foster growth of Shiba Inu.
So far, the token burn is proving a great success. Developers report that in its first 24 hours, the burn portal saw 8 billion SHIB removed from circulation.
The new product shows a continuing trend for the network in strengthening the fundamental value of the SHIB crypto. Earlier in the month, SHIB saw listing on e-trading platform Robinhood (NASDAQ:HOOD). After nearly a full year of campaigning for the listing, SHIB is being introduced to a wide new demographic of potential investors. Now, with the combined shrinking supply, there is reason to believe Shiba Inu prices will continue to trend upward as the year progresses.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.