Shibburn, the $SHIB burn tracker, plans to unveil Web3 projects for $SHIB HODLers as token burn reaches over 41% of the initial supply.
Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.
The Shiba Inu ecosystem comprises three unique tokens, each serving a different purpose. $SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, $SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation, thereby increasing its scarcity.
Earlier today, Shibburn, the $SHIB burn tracker, shared vital updates regarding the total supply of $SHIB on its website. As observers might have noticed, the figures have shifted. The initial supply has now experienced a burn of 410,630,074,492,220, leaving a total supply of 589,369,925,507,779.
Shibburn has been monitoring burns occurring within verified burn addresses. However, some transactions were sent to the $SHIB contract address, rendering them irretrievable. This might have happened intentionally or unintentionally. At the moment, 237,970,848,115 $SHIB, valued at $2,608,160 (USD), have been sent to the $SHIB contract.
Shibburn has also received information about other transactions sent to contracts with renounced ownership, promising to provide updates on this matter soon. They advise against this practice if done deliberately, as it complicates tracking, and there could be many unknown contracts like this. Shibburn recommends using only verified null addresses to streamline the process.
If you have information on renounced contracts with ownership set to a null address that have sent $SHIB, please contact Shibburn via their website so they can verify it. Although many tokens are locked in wallets due to forgotten key phrases, these will remain unaccounted for, as they cannot be proven.
In March, Shibburn reported 6,782,788,547 tokens burnt and 326,548,824 sent to the contract, totaling 7,109,337,371. So far this year, 1,002,593,057 tokens have been sent to the $SHIB contract. In 2022, they reported 83,347,071,504 tokens sent to dead wallets, but 17,150,817,835 $SHIB went unaccounted for (sent to the contract), bringing the total to 100,497,889,339 $SHIB burnt.
Shibburn apologized for their recent absence due to personal and work-related issues, which left them unable to devote the necessary attention to the project. Despite this, they expressed gratitude for the ongoing support.
In the near future, Shibburn will announce several exciting Web3 projects that will be incorporated into the revamped Shibburn site, including a marketplace, wallet, and other surprises powered by the $SHIB token. Keep an eye out for more information.
According to data from TradingView, on Coinbase, currently (as of 4:26 p.m. UTC on April 3) $SHIB is trading at around $0.00001067, up 32.54% in the year-to-date period.