A total of 1 billion Shiba Inu ($SHIB) have been burned over the last 24-hour period, sending the meme-inspired cryptocurrency’s burn rate up over 12,000%. Over the last few days, well over 2.2 billion tokens have been burned.
According to data from Shiba Inu burn tracking platform Shibburn 1.04 billion SHIB were burned over the last 24-hour period, meaning the cryptocurrency’s burn rate has gone up 12,448%.
Token burns, it’s worth noting, are made by sending SHIB to inaccessible addresses, effectively removing the tokens from circulation.
According to available data, a total of 410.30 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.
The Shiba Inu community has since bolstered its efforts to burn SHIB. These include burn parties organized by Bigger Entertainment and companies using part of their profits to burn tokens.
As reported, the team behind the meme-inspired cryptocurrency has announced the launch of a token burning portal that is set to help the community burn tokens, furthering its efforts to reduce SHIB’s circulating supply.
In an Ask Me Anything (AMA) session on social media with Watcher Guru, Shiba Inu team member Archangel noted that when a new version of the project’s decentralized exchange ShibaSwap launches, it will include a “burn portal.”
Archangel also noted that the SHIBArmy should be realistic about the cryptocurrency’s burning mechanism and should not expect 90% of its circulating supply to be burned.
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