The Shiba Inu ecosystem has taken a major move toward reducing its massive token supply with the introduction of ShibTorch V2, an upgraded burn portal designed to enhance efficiency and user participation. To celebrate the launch, the project team burned 1 billion SHIB tokens, a move that shows the project’s long-term commitment to increasing token scarcity and potentially boosting value.
ShibTorch V2: SHIB burn portal upgrade
ShibTorch V2 is an advanced iteration of the original burn portal introduced on 16 August 2024 and is now a key component of the expanding Shiba Inu Operating System (Shib OS). The new version integrates multiple technical improvements, including advanced swap routing for optimal BONE-to-SHIB conversions, slippage protection to maximize burn efficiency, and an upgraded proof-of-stake (POS) bridge that replaces the older plasma bridge.
A critical aspect of this upgrade is the simplified bridging process. Unlike the previous plasma bridge, which required three steps to move tokens like Bone ShibaSwap (BONE) between Ethereum and Shibarium, the new POS bridge completes the process in just two steps, improving transaction speed and efficiency.
Further, the burn portal has now transitioned to Solidity 0.8.24, enhancing security and reliability for users who contribute to reducing SHIB’s circulating supply.
ShibTorch V2 is accessible via Shib.io, where users can initiate token burns once the designated burn contract accumulates the required amount of BONE obtained through the Shibarium base fee.
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1 billion SHIB burned, burn rate soars 7,240%
To mark the launch of ShibTorch V2, the Shiba Inu team incinerated 1 billion SHIB tokens, valued at $18,580 at the time of execution. The development was confirmed by the pseudonymous project lead developer Shytoshi Kusama and blockchain developer Kaal Dhairya, with on-chain data showing that the burn was executed in one transaction on Thursday.
This massive incineration pushed the total number of tokens burned in the past 24 hours to an impressive 1.1 billion SHIB, driving the daily burn rate up by 7,240%. While ShibTorch has successfully removed 361.98 million SHIB from circulation since its initial launch, this still represents a minuscule 0.0000881285% of the total supply burned so far.
According to Shibburn data, the total number of SHIB tokens burned from the initial supply now stands at 410.74 trillion, while the total staked SHIB sits at approximately 4.99 trillion at the time of writing.
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SHIB price struggles despite burns
Despite the recent burn event and the significant increase in burn rates, SHIB’s price remains under pressure, trading at $0.00001858, down 7.74% over the past week. This indicates that while token burns contribute to long-term supply reduction, short-term price movements are still largely dictated by market sentiment, broader crypto trends, and overall investor confidence.
For SHIB to see a meaningful price appreciation, a combination of aggressive token burns, strong ecosystem development, and increased utility within Shibarium will be essential. While ShibTorch V2 represents a step in the right direction, its impact on price will likely depend on sustained adoption and continued supply reduction efforts over time.
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Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
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