Shiba Inu price buzzes with excitement amid leaked SHIB burn portal on Shibarium
- Shiba Inu price has been bullish this week after the SHIB burn portal leaked on May 21.
- The leak gave the Shib army a glimpse into what’s to come, including user interface of the burn mechanism in Shibarium.
- Based on the leaked data, the burn portal’s interface suggests that Shibarium will facilitate swapping accumulated BONE tokens for SHIB.
Shiba Inu (SHIB) price has recorded several green candlesticks this week as the hype around recently leaked information on the network spread. Based on reports, the ecosystem’s upcoming layer-2 network- SHIB burn portal on Shibarium- leaked on May 21.
A preview of the user interface of the #Shib #burn mechanism in #Shibarium#Crypto pic.twitter.com/2ICTB5STHX
— SHIB INFORMER (@ShibInformer) May 21, 2023
Also Read: Shiba Inu likely to launch Shibarium layer-2 in July
Shiba Inu burn portal revelation excites SHIB holders
Shiba Inu price has displayed some level of activity over the week after the pseudonymous Twitter user “SHIB Informer” shared a preview of the user interface (UI) of the burn mechanism in Shibarium. With the reveal, the entire SHIB army now has an idea of what is ahead.
An evaluation of the burn portal’s interface from the leaked data shows that Shibarium will support swapping accumulated BONE tokens for SHIB. The Shiba Inu tokens will be channeled to the burn address, in line with the original concept of charging transaction fees in BONE tokens. The address will accumulate the fees until it attains a specific threshold before users can initiate the burn transaction.
The transaction fees destined to burn will be accumulated up to a certain amount and then the Burn will be triggered. My current understanding is that anyone will be able to trigger it after the threshold is reached.
— SHIB INFORMER (@ShibInformer) May 21, 2023
But it is a beta so details might change.
The authenticity of the leaked images has been confirmed by LucieSHIB, a content marketing specialist within the Shiba ecosystem, clarifying that they represent the alpha version of the mechanism, with openness to alterations upon its official launch.
Note that it is only the alpha version (not beta yet), so the final version may be different, but it’s good for a look. BONE will convert to SHIB and burn SHIB. Each transaction will add to the burn pool. Then anyone will be able to trigger the burn.
Noteworthy, the burn process will be manual instead of automatic, giving users an integral role in kickstarting the burn transaction upon attainment of the accumulation threshold. The leaked interface is still in the latent stages, with openness for alterations before the public beta sale.
Shiba Inu burning mechanism and its influence on SHIB price
Ahead of the Shibarium’s developments and release, whales have started accumulating SHIB tokens. This is inspired by a hope that Shibarium’s developments could significantly influence Shiba Inu price. Based on data from IntoTheBlock, over 2.82 trillion SHIB tokens have been amassed over the past week alone.
Shiba Inu tokens burning will work well with the burn mechanism under structuring, with the documentation revealing plans to burn 70% of its base transaction fees in SHIB. The other 30% will then be allocated to the network for maintenance.
If it works well, the strategy will influence the token’s supply and, in the process, boost Shiba Inu market value to the psychological $0.00001000 level. At the time of writing, Shiba Inu (SHIB) price is $0.00000857, a daily rise of 0.1%
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
