Over 41% of the total supply of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has been burned so far as the SHIB community keeps coming up with new initiatives to burn SHIB and decrease its circulating supply.
According to data from token burning tracking platform Shibburn, a total of 410.29 trillion SHIB have been burned since the cryptocurrency was launched. Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while another half were sent to Ethereum co-founder Vitalik Buterin.
Buterin took a large amount of SHIB, at the time $1 billion in the cryptocurrency, and donated it to the COVID Crypto Relief Fund in India, along with significant amounts of other meme-inspired cryptoassets including Dogelon Mars.
The Ethereum co-founder then grabbed around 90% of the SHIB tokens that were donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation. Since Buterin’s transaction, the community has engaged in new token burning initiatives, including burning tokens based on views to a playlist.
Burning tokens permanently removes them from circulating and increases the scarcity of remaining tokens. It’s achieved by sending tokens to special wallets with unobtainable keys, meaning the funds will forever be locked in them.
Shiba Inu’s burning rate has, however, slowed down significantly, with data showing that in Winder only around 2 billion tokens were burned. These burns came from several burning initiatives, which could be boosted further.
The cryptocurrency’s price exploded earlier this year in a retail trading frenzy that saw it hit an all-time high above $0.0008 per token. It’s currently trading at $0.00042 as its price started dropping, although it’s still up over 400% in the last six months.
SHIB was recently listed on the popular cryptocurrency exchange Kraken, while Nasdaq-listed retailer Newegg started accepting payments in it. Being listed on Kraken allowed Canadian healthcare services firm Ask The Doctor to add $1.5 million in SHIB to its balance sheet.
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