According to data from the Shib Burn portal, more than 410,3 billion Shiba Inu (SHIB) tokens have been burned to date. Token burning has intensified in the last week, with the launch of a new burning mechanism.
In the last 24 hours alone, more than 2.120 billion Shiba Inu (SHIB) tokens have been burned, according to data recorded on the Shib Burn portal.
Token burning, in the crypto industry, means sending tokens to inaccessible addresses to remove them from circulation forever. The objective of this action is to reduce the circulating supply of an asset, to make it more scarce in the market and, thereby, lead to a possible increase in its demand and value.
From their Twitter account, Shiba Inu developers announced last week the launch of a new portal to incentivize token burning, motivating SHIB holders to send their tokens to a dead address to continue reducing the current supply of the token. cryptocurrency. By burning SHIB on this portal, users are rewarded with passive income in “burntSHIB” tokens.
On its first day, the new portal burned 8.000 billion SHIB, which represented 0,8% of its total supply.
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23.780 billion tokens burned this month
This month of April, 23.780.022.840 SHIB tokens have been burned, indicates the Shib Burn portal. Much of these tokens have been burned in the last week, since the developers activated the new burning portal.
Source: Shib Burn
Shib Burn tracks the burning of SHIB tokens from three special addresses of the cryptocurrency. Two of these addresses are dead addresses, for which there are no private keys and, therefore, they are inaccessible and the so-called Genesis address or “black hole”, also inaccessible.
Vitalik Buterin burned 41% of total SHIB supply
In May 2021, Ethereum creator Vitalik Buterin burned no less than 41% of the total supply of SHIB tokens, sending a total of 410.241.996.771.871,8 (410,2 billion) SHIB to a dead address.
At the time of burning, this amount of SHIB was valued at about $6.700 billion. Currently, with SHIB trading above $0,0000229 per token, this same amount would be worth over $9.390 billion.
Source: Etherscan
Buterin had received 50% of the total SHIB supply from its developers as a token of appreciation for his work in the crypto industry. Before burning the tokens, the Ethereum creator sent 10% of his SHIB holdings, approximately $1.000 billion, to the COVID-Crypto Relief Fund in India.
Welly, inspired by Shiba Inu, joins the token burning
Welly, a Shiba Inu and NFT-themed fast food restaurant located in Naples, Italy, is also joining the SHIB token burning.
On his Twitter account, Welly confirmed that he will start burning SHIB based on his earnings. Additionally, she noted that she will use other methods to intensify the burning of these tokens, although the details she said will be revealed in the coming days.
Welly partnered with the Shiba Inu development team earlier this year, completely redesigning its structure and brand to become the first community-driven Shiba Inu-themed restaurant.
SHIB trading volume fell 55%
In the last year, the volume of transactions carried out with SHIB has decreased considerably.
On-chain data, from the Etherscan portal, shows that SHIB transaction volume has fallen 55,2% in the last 12 months. Currently, about 6.000 transactions are made on average per day with SHIB, while a year ago, more than 13.400 transactions were made with this token.
Source: Etherscan
On the other hand, the SHIB price shows an annual growth of 1.440%. As of April 2021, SHIB was trading on the market with a value of $0,0000014, while at the time of writing, it maintains a value of $0,0000229.
However, since its all-time high of $0,000086 seen last October, SHIB has fallen more than 73%.
The recent increase in the number of tokens burned on the network has not been helping the price of SHIB, which in the last 30 days decreased by 15,9%.
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