Record 64 Billion SHIB Burned by This Major Portal, But Community Says It's Nothing, Here's Why

Twitter user @_Lady_Crypto_ has spread the word that an astounding amount of meme tokens – 64 billion SHIB – has been moved to unspendable wallets and locked there permanently.

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 to which portal exactly the credit for this goes; however, there was only one portal this year that previously spread the word about burning nearly the same amounts of the second largest canine crypto: the official Shib Burn Portal.

👀 WHOOP! 💥 THERE IT IS! 💥
🔥🔥 64 BILLION $SHIB 🔥🔥
BURNED & GONE FOREVER! pic.twitter.com/r0KagbGpJS

— 𝐋𝖆𝖉𝖞 🔥 𝐂𝖗𝖞𝖕𝖙𝖔 (@_Lady_Crypto_) October 11, 2022

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 chose to break ties with the Ryoshi Vision team that ran this burn portal initially and plan to host the portal as part of decentralized exchange ShibaSwap.

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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 is more than 500 trillion, several years may pass before these burns of meme coins will start having any particular 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 rise happened because a total of 154,899,021 SHIB was moved to dead-end wallets, taking merely five transactions.