Recently launched burn portal for Shiba Inu has already removed over 22 billion meme coins within a week after launch
According to a recently posted tweet, the recently opened Shiba Inu burn initiative, burn.shibaswap, which has been running for a week, has already removed 22.5 billion Shiba Inu from circulating supply.
In the meantime, within the past 24 hours, various Shib burn initiatives have incinerated over 708 million meme tokens by sending them to dead-end wallets.
22.5 billion SHIBs disappeared in one week
The SHIB burning portal that started operating recently is already picking up speed, sending massive amounts of the second-largest meme token to “inferno” wallets.
By Saturday, 20 billion SHIB were burned by it cumulatively and, by Sunday, this amount rose to 22.5 billion tokens.
Digital coins are burned in order to make them rarer and thus attempt to raise their price. This has yet to happen to the Shiba Inu as it remains 76.25% below the all-time high of $0.00008845 hit in October.
After reaching a local high of $0.00002196 on May 1, by today, the price of the coin has declined to $0.00002084. This was preceded by a 15% price drop of SHIB, when it fell from a high of $0.00002538 to $0.00002152 on April 30.
728.3 million SHIBs burned in more than 24 hours
Shibburn crypto burn tracker has shared data accumulated from Etherscan on nearly three-quarters of a billion SHIB on its website.
A total of 708,881,094 Shiba Inu have been burned in about the past 24 hours.
According to Shibburn’s website, to date, a total of 410,336,474,455,179 tokens have been burned and removed from SHIB’s circulating supply so far.
A total of 410,336,474,455,179 SHIB are in circulation at the moment. The amount of 37,077,399,197,092 tokens has been staked on various platforms.
The burn rate has increased by 27.15% in the last 24 hours, from 550 million to 708 million SHIBs destroyed.
