Home
News
- Over 22 billion Shiba Inu ($SHIB) tokens are burned across nearly 500 transactions, reveals data from Shibburn.
- This data was published after CryptoGlobe reported that the burn rate of Shiba Inu increased by 800%, reaching a new daily record of 12.8 billion tokens.
- The Shiba Inu team launched the burn portal on April 23rd. From its launch to when the rewards started being distributed to the SHIBArmy, around 29.5 billion $SHIB were burned.
Data from Shibburn, a data-tracking platform, reveals that more than 22 billion Shiba Inu ($SHIB) tokens were burned across nearly 500 transactions.
The data was published soon after the reports of CryptoGlobe were published which revealed that the burn rate of the meme-inspired cryptocurrency rose 800%, reaching a new daily record of 12.8 billion tokens following the burn portal of the ShibaSwap began distributing $RYOSHI rewards to those burning tokens.
Users are awarded $burntSHIB whenever users burn tokens via the burn portal that can be then utilized to get RYOSHI. For SHIB holders these tokens are an incentive for burning their token and reducing the supply of the cryptocurrency. Over the past week, the total amount burned is around $270,000.
On April 23rd, the team behind the popular meme token launched the burn portal. Around 29.5 billion $SHIB were burned from the period between this point to when the rewards started being distributed and the SHIBArmy. At the time of writing, the figure rose to approx. 50.7 billion tokens after rewards started being distributed earlier this week.
Since the launch of the cryptocurrency, a total of 410.36 trillion SHIB have been burned. In the beginning, the total supply of Shiba Inu was one quadrillion tokens, however, half of these tokens were locked in a smart contract for providing liquidity on Uniswap, a decentralized exchange, and the rest were sent to Vitalik Buterin, the co-founder of Ethereum.
Buterin from tokens given to him burned 90% of them in a transaction that scooped out more than 410 trillion SHIB from circulation.
It is also interesting to note that the burn portal will soon be accompanied by a donation portal, which community members have proposed. These members are currently looking at the use of SHIB as a charitable cryptocurrency.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
