Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Twitter user @ShibInfo, with half a million subscribers on Twitter, has shared a screenshot from the website of the Shibburn tracking service that watched all transactions that remove Shiba Inu meme coins from circulation.
On Jan. 30, the burn rate of Shiba Inu soared by a whopping 4,506% with over 20 million SHIB locked in dead-end wallets.
Tens of millions of SHIB burned
By the evening of Jan. 30, the SHIB army managed to send a total of 22,105,972 Shiba Inu to the wallets, from which it is impossible to spend this crypto or make any other type of withdrawal, pushing the rate up 4,506%.
The SHIB community managed to reduce the circulating supply of Shiba Inu by 81 billion in 2022. They also gave this year a seemingly good start on burns, removing over 100 million SHIB during the first several days of 2023. However, by now, the burn rate has returned to the low figures it showed over the past four months of last year — from one to ten or twenty million per day.
22.1M $SHIB Inu Burned by the Portal in the Last 24 Hours, Burn Rate Hits 4506.38%
— SHIBA INU (@ShibInfo) January 30, 2023
🗣️WOOF!! pic.twitter.com/Qoo5MS9s7a
Still, by now, the burn rate of the second biggest meme token by market cap has dropped by nearly 100%, according to Shibburn, as slightly more than 1 million Shiba Inu has been burned so far in one tiny transaction.
1.57 million years to reduce SHIB supply
Recently, as reported by U.Today, a discussion took place on Crypto Twitter in which pro-Ripple attorney Jeremy Hogan, partner at Hogan & Hogan, engaged with crypto YouTuber @Jeff_OnTheChain.
Jeff tweeted that if the SHIB army simply burned 1 million tokens per day, they would indeed manage to reduce the current amount of SHIB in circulation to 100 billion. This would take them 1,157,174 years, however, per the blogger's tweet.
Hogan responded, "So, you're saying it's possible…" clearly trolling the SHIB army, which is desperately trying to burn as many meme coins as they can, attempting to push the price up.
SHIB was initially launched with a quadrillion supply of meme tokens. A total of 500 trillion SHIB was given to Vitalik Buterin as a present by SHIB's pseudonymous creator Ryoshi, who seemed to be cosplaying Bitcoin creator Satoshi Nakamoto when he took on an alias and then chose to disappear, leaving the project in the hands of the community for further development and improvement.
According to the Shibburn website, to date, a total of 410,384,885,011 SHIB has been removed, and 549 trillion SHIB are still in circulation.
The SHIB army is placing its hopes on the Shibarium Layer 2 protocol, whose launch in beta was announced by developers in mid-January. Trillions of Shiba Inu are expected to be burned as soon as Shibarium kicks off and begins operating.
Arman Shirinyan
Gamza Khanzadaev
