Shiba Inu introduces a token burning portal to minimize the amount of tokens in circulation

The company behind Shiba Inu (SHIB), a meme-inspired cryptocurrency, has announced the launch of a token burning platform that will assist the cryptocurrency community in burning tokens in order to lower the circulating quantity.

Shiba Inu team member Archangel mentioned in a social media Ask Me Anything (AMA) session with Watcher Guru that a new version of the project's decentralized exchange ShibaSwap will have a "burn gateway" when it comes.

The burn gateway is designed to make it easier for platform users to burn SHIB on a regular basis, effectively diminishing its supply.

Token burning are popular in the cryptocurrency world because when demand remains stable or rises while supply is reduced, a token's price rises because it is effectively deflationary.

He said during the AMA:

We want the burn rate to increase in tandem with the platform's use rate. So, in a way, this is the new utility, if you think about it. It's all about gradually reducing the supply as you use the platform.

The Shiba Inu community should also be realistic about the cryptocurrency's burning mechanism, not expecting 90% of its circulating supply to be burned, according to Archangel. Notably, approximately 41% of the cryptocurrency's supply has already been consumed.