- 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%
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.