An extremely important mechanism for the Shiba Inu ecosystem was activated over the weekend. The Shiba Burn Portal was launched on April 23, bringing an important burning mechanism for the SHIB token.
It is aimed to keep the SHIB token supply under control with the burning mechanism, which is thought to be positive for the Shiba price. Thus, a steady rise in the crypto asset price is expected. Although the Shib Burn portal has only been operating since April 23, the figures show that the total amount burned since the early stages of 2022 has passed. With the burning mechanism, which has been in operation for only 2 days, 16 billion SHIB tokens were burned. The SHIB token, which has been burned since the beginning of 2022, was reported as $12.7 billion.
Shiba users can buy and burn SHIB tokens through the portal. Looking at the last two days of transactions, it is seen as an extremely popular application. So much so that users burned 2.9 billion Shiba with 382 burning transactions in the last two days. So why are users burning their crypto assets? Among the most logical explanations for this is the RYOSHI token award winning through the burning process.
The number of SHIB holders continues to increase. These days, the first crypto asset that came to mind was Dogecoin, depending on the acquisition of Twitter by Elon Musk. As such, the Shiba Inu has been overshadowed by Dogecoin's rise this week. However, the number of investors holding SHIB has an upward momentum. According to statistics, the number of investors holding SHIB tokens increased from 1,134,162 to 1,139,029 over the past week.
The commissioning of the burning mechanism, which has been talked about for a long time, and the positive first results, caused a rapid recovery in the price of the Shiba Inu. SHIB, which fell as low as $0.000022 yesterday, returned to the support of $0.000024 in intraday transactions. Shiba Inu, which is in 15th place with a market value of 13.27 billion dollars, has gained 2.5 percent in the last 24 hours. However, according to its performance in the last week, it continues to lose nearly 4% in value.