---
title: "Important Shiba Inu (SHIB) Announcement"
url: https://diffcoin.com/important-shiba-inu-shib-announcement/
description: "Shiba Inu has introduced the Shib Torch."
published: 2024-08-17
updated: 2024-08-17
author: "Mila"
site: "Diffcoin"
---

# Important Shiba Inu (SHIB) Announcement

The Shiba Inu team has come up with an important announcement that’s integral to the ongoing and long-term development of the project.

In a tweet from August 16th, the team said that the long-awaited community Burn Portal is now live.

> Introducing Shib Torch!
> 
> The long-awaited community Burn Portal is now live. Every Shibarium L2 transaction now helps burn SHIB, reducing the total supply.
> 
> > Introducing [#ShibTorch](https://twitter.com/hashtag/ShibTorch?src=hash&ref_src=twsrc%5Etfw)!
> > 
> > The long awaited community Burn Portal is now live. Every [#Shibarium](https://twitter.com/hashtag/Shibarium?src=hash&ref_src=twsrc%5Etfw) L2 transaction now helps burn [$SHIB](https://twitter.com/search?q=%24SHIB&src=ctag&ref_src=twsrc%5Etfw), reducing the total supply.
> > 
> > Start burning today
> > 
> > — Shibarium Network (@ShibariumNet) [August 16, 2024](https://twitter.com/ShibariumNet/status/1824480207245332630?ref_src=twsrc%5Etfw)

It’s worth noting that this is not an update in terms of core functionalities of the network because Shiba Inu has been burning tokens for a while now. Each SHIB transaction generates a base fee that’s being locked in the burning contract. Once there are enough BONE tokens, users will be able to initiate a burn. For now, they need at least 100 BONE tokens.

According to the dashboard that tracks the burn rate on a daily basis, it has increased by 44% since yesterday, resulting in slightly over 3 million SHIB tokens being taken out of circulation.

Source: Shibburn

SPECIAL OFFER (Sponsored)  
  **Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance**  (full details).

**LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!**

[Source link](https://cryptopotato.com/important-shiba-inu-shib-announcement/)