Shiba Inu: Shibarium Burn Portal Torches 713,128,264 SHIB As Burn Rate Jumps 10%
The official Shiba Inu burn portal, Shib Torch, incinerates hundreds of millions of SHIB.Shibarium Updates (@Shibizens) highlighted the development today, providing insights into Shib Torchs overall activity.Shib Torch Burns Over 713M SHIB According to the post, the portal has burned a total of 713,128,264 (713.12 million) SHIB as of March 18. With Shiba Inu currently trading at $0.00001251, these 713.12 million SHIB tokens are worth $8,921. This represents the total amount of SHIB incinerated through the Shib Portal since its launch in August 2024.Meanwhile, the portals deflationary efforts have intensified over the past week. Its burn rate has spiked by double-digits to 10.02% within this time frame. Shib Torch Process and Upcoming Burns For context, these burns are funded with a portion of Shibariums transaction fees. Initiating transactions on Shibarium requires users to pay a base fee, which is automatically locked in a burn contract. However, users who want validators to prioritize their transactions during network congestion can include a priority fee allocated to the validator. Of the total base fee, initially paid in BONE, 70% will be converted to SHIB and burned. This 70% will be accumulated until it reaches a threshold of 1,000 BONE, currently worth $220. Upon reaching this milestone, any user can initiate the burn process. At the moment, 445.93 BONE have been accumulated for the next burn. At the current exchange rate, this figure would lead to the incineration of 7,832,860 (7.83 million) SHIB tokens.
Text source: The Crypto Basic
