Data from tracking platform Shibburn shows that over the past week over 22 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) were burned across nearly 500 transactions.
The data comes shortly after CryptoGlobe reported that the meme-inspired cryptocurrency’s burn rate jumped 800% to a new daily record of 12.8 billion tokens after ShibaSwap’s burn portal started distributing $RYOSHI rewards to those burning tokens.
Whenever users burn tokens through the burn portal, they are awarded $burntSHIB, which can then be used to get RYOSHI. The tokens are an incentive for SHIB holders to burn their tokens and reduce the cryptocurrency’s supply. The total amount burned over the past week is worth over $270,000.
The team behind the meme-inspired cryptocurrency launched the burn portal on April 23 and from that point on until rewards started being distributed the SHIBArmy burned around 29.5 billion $SHIB. After rewards started being distributed earlier this week, the figure jumped to 50.7 billion tokens at the time of writing.
So far, a total of 410.36 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.
The Ethereum co-founder grabbed around 90% of the tokens donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation.
Notably, the burn portal may soon be complemented by a donation portal, which has been suggested by community members looking to further SHIB’s use as a charitable cryptocurrency.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay