According to a recently published tweet, the recently opened Shiba Inu burn initiative, burn.shibaswap, which has been functioning for a week, has already removed an astounding 22.5 billion Shiba Inu from the 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 SHIB gone in a week
The SHIB burn portal that started work 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 more scarce and, thus, attempt to push their price up. This has not happened to Shiba Inu yet, as it remains 76.25% below the historic peak of $0.00008845 reached 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 SHIB burned in 24+ hours
Shibburn crypto burn tracker has shared data accumulated from Etherscan on its website about close to three quarters of a billion SHIB.
A total of 708,881,094 Shiba Inu have been burned in about the past 24 hours.
According to the website of Shibburn, by now an overall 410,336,474,455,179 tokens have been burned so far and removed from the circulating supply of SHIB.
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 is up 27.15% over the past 24 hours—from 550 million to 708 million destroyed SHIB.