In an interesting turn of events, the Shiba Inu Burn Rate received a huge boost over the past day. This is a welcome change from the slow momentum with which the burning initiative had recorded over the past week, proving that the SHIB community is coming back to the table to burn more chips.
Shiba Inu burn rate increases
The Shiba Inu burning is an initiative that began over a year ago as community members worked to reduce the supply of meme coins. With a large supply of over 500 trillion, it has posed a barrier to the coin’s growth, making a rally to $1 an impossible feat at this point. So, in an effort to increase its value, members of the SHIB community started sending tokens to a burn address.
Since the beginning of the burns, regular burns have been carried out almost daily. Sometimes the burns were in the billions as the initiative grew. Lately, participation has been far from encouraging, as only small amounts of tokens were reaching the burning address each day. However, this is starting to change as Shiba Inu Owners intensify their burns.
According to the Shiba Inu burn tracking website, Shibburn, the total number of SHIB tokens burned the last day amounted to more than 40 million, one of the highest in recent days. This figure represents a 2,076% increase in burn rate compared to the previous day.
Source: Shibburn
The burns came from a total of eight wallets, with the largest single burn being 20 million. Other notable burns include a 16.86 million burn, as well as two burns exceeding 1 million. This has now brought the weekly burn rate to 446.9 million.
How many SHIBs have been burned so far?
Despite the Shiba Inu Burn Initiative having been in place for over a year already, there are even more tokens in circulation compared to the number burned. This also includes the important burn made by Ethereum founder Vitalik Buterin, who burned around 40% of the supply sent to his wallet in 2021.
Of the total supply of 999,982,361,420,479 SHIB, 410,726,050 797,386 SHIB was burned, which represents approximately 41% of the supply. This still leaves a circulating majority supply of 582,878,431,527,615, with 6,395,517,674,998 xSHIB up for grabs.
These figures put into perspective the slowness with which Shiba Inu burns has evolved and why it would be necessary to accelerate the burn rate if there is to be a significant change in supply, which could help to price recovery.
At the time of writing, the SHIB price is trending low at $0.000025 after dropping 8% in the last day. This brought its market capitalization down to $14.77 billion, but it continues to maintain its position as the 11th largest cryptocurrency in the space.
SHIB price drops to $0.000024 | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
