The Shiba Inu (SHIB) community is abuzz with anticipation following the recent leak of the SHIB burn portal on Shibarium, the upcoming layer-2 network of the ecosystem.
This leak has provided a sneak peek into the burn mechanism, generating excitement among the Shib army.
In this article, we will explore the leaked details and shed light on how the burning mechanism is expected to impact the SHIB token’s supply and value.
Leaked Interface Offers Insights into Shibarium’s Burn Portal: On May 21, the pseudonymous Twitter user “SHIB INFORMER” shared a preview of the burn mechanism’s user interface in Shibarium, giving Shib enthusiasts a glimpse into the upcoming developments.
According to the leaked information, Shibarium will enable users to swap accumulated BONE tokens for SHIB tokens, which will then be sent to the burn address. This aligns with the original concept of utilizing BONE tokens for transaction fees.
Notably, these fees will accumulate until a specific threshold is reached, at which point any user will have the ability to trigger the burn transaction.
Manual Burn Process with Community Involvement: It’s important to note that the burn process in Shibarium will be manual, requiring user participation.
Once the accumulated threshold is met, users will play an essential role in initiating the burn transaction. The leaked interface, currently in the alpha testing stage, suggests that changes may occur before the public beta phase.
Burning Mechanism and Token Supply Impact: The primary objective of the burning mechanism is to support the burning campaign of SHIB tokens.
Shibarium’s documentation reveals a plan to burn 70% of the base transaction fees in SHIB, with the remaining 30% allocated to network maintenance.
This approach is expected to have a significant impact on the token’s supply, potentially driving SHIB’s value towards the coveted $0.001 price point.
Leaked Images Confirmed as Alpha Version: LucieSHIB, a content marketing specialist within the Shiba ecosystem, confirmed the authenticity of the leaked images and clarified that they represent the alpha version of the mechanism.
She emphasized that changes might be implemented before the official launch. Lucie explained that BONE tokens will convert to SHIB and contribute to the burn pool. Once again, community members will have the ability to trigger the burn.
Whales Accumulate SHIB Tokens in Anticipation: As the Shibarium team continues to make significant developments leading up to the official release, whales have started accumulating SHIB tokens, hoping for Shibarium’s impact on the token’s price.
Recent data from IntoTheBlock reveals that whales have acquired over 26 trillion SHIB tokens in the past week, indicating growing investor confidence in the upcoming developments.