According to a new report, the development team behind the Shiba Inu (CRYPTO: SHIB) has started testing the burn portal developers announced last month.
The SHIB burn portal is going to help its users to regularly burn SHIB reducing its circulating supply. According to CoinMarketCap, SHIB has a total supply of 589 trillion coins, after one quadrillion were initially created. The number far surpasses its memecoin rival Dogeceoin (CRYPTO: DOGE) which has a total supply of 132,670,764,300 coins
By burning the tokens, the supply is reduced, effectively making Shiba Inu deflationary. According to a website which tracks the burning of Shiba Inu, over 410 trillion tokens have been burned so far.
The SHIB team announced, “A burn portal for SHIB is being currently worked on by the developer team and there is no current release date, but testing has begun with more details forthcoming. Burning SHIB is a core aspect of our Ecosystem and we are always exploring new options to burn SHIB via utility.”
Also Read: Such Speed, Much Wow! AMC Begins Accepting Dogecoin And Shiba Inu A Week Ahead Of Schedule
The crypto project has also announced the launch of defense breed, a team of individuals that will work to protect the SHIB ecosystem from malicious projects or persons that intend to take advantage of the community.
In a blog post, Shiba Inu developers say, "Defense does not look to hurt other projects, however, if the need arises the Defense team will be called upon to put out a statement that is clear and concise about what the reality truly is."
Last week, SHIB overtook FTX Token — the native coin of major U.S. cryptocurrency exchange FTX — as the most popular token among Ethereum's heaviest wallets, in terms of dollar value.
Ethereum whales, crypto-speak for large holders, preferred Shiba Inu over FTX Token, according to data shared by WhaleStats, a service that tracks the actions of cryptocurrency whales.
At last check, Shiba Inu was trading at $0.0000224, down 0.44% in the past 24 hours.
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