The Shiba Inu ($SHIB) community has burned over 2.4 billion tokens over the last seven days as efforts to reduce the cryptocurrency’s circulating supply keep growing thanks to several projects actively using revenue to burn tokens.
According to data from SHIB burning tracker Shibburn, over 2.41 billion tokens were burned across over 200 separate transactions. Burning tokens, it’s worth noting, permanently removes them from circulation by sending them to a wallet from which they can never be retrieved.
Shiba Inu’s burn rate exploded after the launch of ShibaSwap’s burn portal, which rewards users for destroying their tokens. The portal was launched 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 52.4 billion tokens at the time of writing.
For burning tokens, SHIB investors are being awarded $burntSHIB, which can then be used to get $RYOSHI. According to Ryoshis Vision, rewards in the token were initially distributed to every holder of xSHIB, a token awarded to users who staked SHIB on ShibaSwap. For a 20-week period now, RYOSHI is being distributed to those who burn SHIB, as well as those who stake RYOSHI on ShibaSwap and to the project itself.
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.
Major Shiba Inu burn contributors include SHIB-inspired token “1Cent,” which aims to bring the meme-inspired cryptocurrency’s price to $0.01, and various other community projects. One such project is the SHIB Super Store, which tweeted out proof of its transactions burning tokens.
The company has reportedly been burning tokens since November of last year and has so far destroyed over 2 billion tokens. It has recently launched a new way to burn SHIB after being accepted into Amazon’s affiliate program, which allows it to earn a share of revenue on purchases that it will use to buy and burn tokens.
SHIB’s growing burn rate is coming at a time in which the SHIBArmy added 30,000 new token holders in 30 days, despite dropping cryptocurrency prices. Data shows Shiba Inu now has nearly 1.2 million holders on the Ethereum blockchain.
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