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This Platform Burns 4.7 Billion SHIB, Planning to Surpass July Burns in August: Details

Sat, 08/13/2022 - 20:00
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Yuri Molchan
This SHIB burner has already destroyed more than 4.7 billion meme tokens since last year
This Platform Burns 4.7 Billion SHIB, Planning to Surpass July Burns in August: Details
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@shib_superstore Twitter account set up by game maker for smart phones Travis Johnson, who has become an active member of the Shiba Inu community and has been burning SHIB since last year, has shared that in August he expects to burn more tokens than in July.

Besides, he says that by now he has burned nearly 5 billion SHIB overall.

“On pace to beat last month”, 4.7 billion milestone reached

Travis Johnson tweeted that August has so far been more successful for accumulating SHIB which will later be burned than July. During the previous month, according to the chart shared in the recent tweet, a $1,000 worth of this meme tokens was burned.

By now, on August 13, Travis wrote, he is “just about the halfway point of last month”.

As for another major milestone mentioned in the tweet is that by now, the total amount of canine tokens burned by this platform has surpassed $60,000. That is equal to 4,734,648,653 Shiba Inu.

Here’s how “1.3 billion SHIB could be burned per day”

A week ago, Johnson attracted the attention of the SHIB community with his tweet, saying that he knew how a staggering 1.3 billion SHIB could easily be removed from circulation on a daily basis.

The game developer wrote that it could be achieved with the help of the full arsenal of tools his website offers – mostly, it contains various mobile games that general income from advertising partly spent on burning Shiba Inu coins.

Related
Whales Grab $33 Million in SHIB Over Past 24 Hours But There’s a Catch

Inefficient burn mechanism

However, the current mechanism of burning SHIB tokens seems to be rather inefficient as this week over the past two days only as little as 30 million SHIB was burned, which is 0.0005% of the coin’s circulating supply.

Besides, around 10 percent of the supply is concentrated in the hands of the 100 largest wallets on Ethereum and these whales seem to be unwilling to part with their SHIB to burn them.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.