1,310,871,032 SHIB Slash in Shiba Inu Supply, What's Happening?

According to the most recent update by Shibarium-focused community X account, Shibarium Updates, a total of 1,310,871,032 SHIB tokens have been burned through the official Shiba Inu community burn portal, marking a significant milestone in the project's ongoing efforts to reduce supply and boost token value over time.

This milestone showcases the commitment of the SHIB community, which continues to contribute to token burning.

The 1,310,871,032 SHIB burned by the SHIB community burn portal demonstrates that the Shiba Inu project is playing the long game, building toward a more scarce and potentially more valuable ecosystem.

ShibTorch, the Shiba Inu community-driven burn portal, is based on the Shibarium Layer-2 network, enabling community-driven deflation. This process, facilitated through ShibTorch, is a two-stage affair that begins on Shibarium when a certain level of accumulated BONE triggers the burn initiation. The BONE is then bridged to the Ethereum mainnet (L1) and swapped for SHIB. Finally, these SHIB tokens are permanently removed from circulation, hence lowering the total SHIB supply.

Total of 410,750,168,738,930 SHIB burned

According to the Shibburn website, a total of 410,750,168,738,930 SHIB has now been permanently removed from circulation. This represents over 41% of the dog coin’s initial supply of 1 quadrillion tokens.

In May 2021, Vitalik Buterin, the co-founder of Ethereum, burned 410 trillion SHIB tokens, accounting for 90% of the SHIB he unwillingly received from the Shiba Inu project.

Shiba Inu's total supply now stands at 589,249,836,126,910 SHIB. However, in the last 24 hours, just 199,379 SHIB were burned, marking a 98.46% drop in daily burn rate per data from Shiba Inu burn tracker, Shibburn. In the past seven days, 62,923,173 SHIB were burned, also marking a drop in the weekly burn rate.

At the time of writing, SHIB was up 1.62% in the last 24 hours to $0.00001162