Doge-Killer Shiba Inu begins testing Burn Portal; Developers Announce Defense Team

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According to a new report, the development team behind the shiba inus (CRYPTO:SHIB) has started testing the burn portal developers announced last month.

The SHIB burning portal is going to help its users to burn SHIB regularly by reducing its circulating supply. According to CoinMarketCap, SHIB has a total supply of 589 trillion coins, after the initial creation of one quadrillion. The number far exceeds its rival memecoin Dogeceoin (CRYPTO: DOGE) which has a total stock of 132,670,764,300 pieces

By burning the chips, the supply is reduced, which makes the Shiba Inu deflationary. According to a website that tracks the Shiba Inu fire, over 410 trillion tokens have been burned so far.

The SHIB Team announced, “A burning portal for SHIB is currently being worked on by the developer team and there is no current release date, but testing has begun with more details at to come. Burning SHIB is an essential aspect of our ecosystem and we are always exploring new options to burn SHIB via utility.

Also Read: Such Speed, Much Wow! AMC starts accepting Dogecoin and Shiba Inu a week ahead of schedule

The crypto project also announced the launch of Defense Breed, a team of individuals who will work to protect the SHIB ecosystem from malicious projects or people who intend to take advantage of the community.

In a blog post, the Shiba Inu developers state, “The Defense does not seek to harm other projects, however, if the need arises, the Defense team will be called upon to issue a statement. clear and concise about what reality really is.”

Last week, SHIB overtook FTX Token – the native coin of major US cryptocurrency exchange FTX – as the most popular token among Ethereum’s heaviest wallets, in terms of dollar value.

Ethereum whales, the crypto talk for large holders, preferred Shiba Inu over FTX Token, according to data shared by WhaleStats, a service that tracks the stocks of cryptocurrency whales.

When last checked, Shiba Inu was trading at $0.0000224, down 0.44% in the last 24 hours.


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