Whopping amount of Shiba Inu has been moved to dead wallets, but community remains unsatisfied
Twitter user @_Lady_Crypto_ has spread the word that an astonishing amount of meme tokens – 64 billion SHIB – have been transferred to an unprivileged wallet and permanently locked there.
64 billion SHIB leaves circulation for good
A massive amount of SHIB has been pushed out of circulation, totaling 64 billion meme coins. However, due to the current low price of Shiba Inu, this sum of SHIB is evaluated at less than $1 million – $662,400.
The announcer did not specify which portal the credit actually goes to; However, this year there was only one portal that had previously hyped about burning almost the same amount of the second largest canine crypto: the official Shib Burn portal.
Shiba Inu team takes over burn portal
After its launch in April, it has already burned lumps of 15 billion and several chunks of 20-25 billion SHIB. Apart from offering users an opportunity to burn SHIB, it also allowed them to get rewards for this. However, some members of the Shiba community grew unhappy with the way the rewards were distributed and the delays that followed; some even began calling the burn portal a scam.
Now, according to today’s blog post, the Shiba Inu team has decided to break ties with the Ryoshi Vision team, which initially ran this Burn portal and plans to host the portal as part of the decentralized exchange Shibaswap.
Community slams 64 billion burn
In the comment thread, however, SHIB fans expressed their dissatisfaction with the news. They made the point that the pace of SHIB burns in general, and this one in particular, was too slow.
Since the total SHIB supply exceeds 500 trillion, many years may pass before these burn of meme coins will have any significant effect on the coin’s price.
Burn rate of SHIB soars 405%
According to data provided by the Shibburn crypto burn tracker, over the period of the past 24 hours, the burn rate of Shiba Inu has gone up a massive 405%.
This increase was because a total of 154,899,021 SHIB were moved to the dead-end wallet, with only five transactions.
