In an interesting turn of events, the Shiba Inu burn rate has received a massive boost in the last day. This is a welcome change to the slow momentum which the burn initiative had recorded over the last week, proving that the SHIB community is coming back to the table to burn more tokens.
Shiba Inu Burn Rate Picks Up
The Shiba Inu burn was an initiative that begun over a year ago as community members worked to reduce the supply of the meme coin. With a large supply of over 500 trillion, it has posed an hindrance to the coin’s growth, making a rally to $1 an impossible feat at this point. So, in an effort to increase its value, SHIB community members began sending tokens to a burn address.
Since the burn began, there have been steady burns carried out almost daily. Sometimes the burns moved into the billions as the initiative surged. In recent times, participation has been less than encouraging as only small amounts of tokens made it to the burn address each day. However, that is beginning to change as Shiba Inu holders ramp up their burns.
According to the Shiba Inu burn tracking website, Shibburn, the total number of SHIB tokens burned in the last day came out to more than 40 million, one of the highest in recent days. This figure represents a 2,076% jump in the burn rate compared to the prior day.
Source: Shibburn
The burns came from a total of eight wallets with the largest burn in one go being 20 million. Other notable burns include a 16.86 million burn, as well as two burns coming in above 1 million. This has now brought the weekly burn rate to 446.9 million.
How Many SHIB Has Been Burned So Far?
Despite the Shiba Inu burn initiative now being in place for more than a year already, there are still more tokens in circulation compared to the burn figure. This also includes the substantial burn carried out by Ethereum founder Vitalik Buterin who burned around 40% of the supply that was sent to his wallet in 2021.
Out of the total 999,982,361,420,479 SHIB supply, 410,726,050,797,386 SHIB has been burned, which accounts for around 41% of the supply. This still leaves a majority circulating supply of 582,878,431,527,615, with 6,395,517,674,998 staked xSHIB.
These figures put in perspective just how slow the Shiba Inu burn has been going and why there would be a need to ramp up the burn rate if there is to be any meaningful shift in the supply, something that could help in the price recovery.
At the time of writing, the SHIB price is trending low at $0.000025 after falling 8% in the last day. This has brought its market cap 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