Shiba Inu (SHIB) has recorded a 7,240% surge in burn rate within 24 hours, marking a drastic reduction in the meme coin’s total supply. Over one billion SHIB tokens were removed from the circulating supply. According to data from Shibburn, SHIB’s circulating supply now stands at 584 trillion tokens. This indicates that nearly 50% of SHIB’s original supply of 1 quadrillion tokens has been burned. A reduction in the total supply could cause a SHIB rally . Moreover, this burn rate could continue to surge following the recent launch of a new community burn portal. Shiba Inu’s new burn mechanism goes live The new burn portal seeking to streamline the SHIB burn process is dubbed ShibTorch. In an X post, Shibarium revealed that this portal will be “making it even easier to trigger token burns and contribute to reducing SHIB supply.” The ShibTorch burn platform will allow users to monitor the burn process for SHIB tokens. As usage on the Shibarium network grows, the burn rate will also increase, reducing SHIB’s total supply. Per Shibarium, “ShibTorch is an example of a Shiba Inu’s continued commitment to delivering decentralized solutions and puts community first by allowing anyone to initiate burns once the required amount of BONE is accumulated. This decentralized approach ensures scalability without bottlenecks.” Shiba Inu’s marketing lead, Lucie, noted that to mark the launch of this platform, the team had burned 1 billion SHIB tokens from the pending pool. Boosting decentralization The new burn portal also seeks to boost decentralization in the Shiba Inu ecosystem. In a blog post, the team noted that the upgrade will play a major role in the larger Shib OS initiative by creating a community-driven ecosystem. “By actively participating in the burn process, community members become integral stakeholders in the Shib OS ecosystem, contributing to its long-term sustainability and potentially influencing the value of their holdings,” the statement added. The SHIB team is also optimistic that with the launch of this new portal, the project can transition towards achieving full decentralization and launch a digital finance project supported by the community. If the newly launched burn portal continues to cause a surge in the burning rate, it could bode well for SHIB prices to the much coveted $0.001 price. SHIB traded at $0.00001911 at press time after a 1.7% gain in 24 hours.
