The Shiba Inu team launched the burn portal to help address the issue of the massive supply of the SHIB tokens. The Japanese dog-themed Shiba Inu coin has not been excluded from the recent crypto meltdown.
SHIB has tumbled almost 13 per cent in the last few hours, back into the red on a weekly basis. The second largest meme coin plunged to $0.000009699 on Wednesday from $0.00001108. As at the time of writing, SHIB’s price is $0.000010 USD.
The total market of Shiba Inu was a little over $5.7 billion, with volume remaining flat as coins worth $505.65 million exchanged hands in the last 24 hours.
A large amount of SHIB were burnt and removed from circulation by moving them to unspendable wallets to be locked permanently.
The Shiba Inu team has therefore launched the bur portal to address this issue. The adoption of the burn portal has been impressive so far. Over 400 trillion tokens have been burned.
Despite this step, there are still 549,063.28 billion tokens in supply. The token is deflationary, which means there is no maximum limit on the number of SHIB tokens.
In other news, the Shiba Inu tokens have also been removed by Crypto.com from its crypto Earn Rewards program. This is seen as a big issues by the holders of the second largest meme coins.