Shiba Inu, a popular blockchain project, has introduced a new token burning mechanism for its Ethereum-based layer 2 blockchain solution, Shibarium. This mechanism aims to strategically reduce the token supply in order to increase the value of SHIB and its ecosystem. The burn process will be divided into two phases: the Manual phase, where the token burn will be managed by the official deployer wallet, and the Automated Transition phase, where the burn process will be automated according to predetermined guidelines. The team has already burned approximately 8.2 billion SHIB tokens, valued at around $76,000, and will continue to burn tokens manually using the deployer wallet. This new burning mechanism is seen as a major milestone for Shibarium’s development and aims to establish a standard in blockchain token economics. Additionally, Shibarium has experienced a surge in transactions and an increase in gas fees, leading to a higher rate of token burning. The network’s usage has grown significantly, with an average of 7 million transactions per day.