Shiba Inu is among the most popular meme coins, ranked 11th on the Coinmarket based on its market capitalization. As a meme coin, Shiba Inu offers a huge total supply to its users, but that has become a limiting factor for the cryptocurrency as the higher the supply is, the lesser the demand. Though Shiba Inu is favored, the team continuously works on various practices to create scarcity for the token. One of those practices is the Shib burn mechanism that reduces the token supply.

In this blog, let us discuss the Shib burn mechanism and how many Shiba Inu tokens have been burnt till now.

Shib Burn Burned 410 Trillion Shiba Inu Token

In Shib Burn, the Shiba Inu tokens get delivered to a dead wallet whose private key is unknown to everyone, and no individual can access these tokens. As the private key creation process is highly challenging, no one can succeed in breaking the key code to access these tokens. So once the Shiba Inu tokens get transferred, they get removed from circulation, reducing the total supply and creating better stability for the cryptocurrency.

Also Read: Shiba Inu (SHIB) Price Prediction May 2024, 2025, 2026, 2030, 2040 – 2050

Because of this, Shiba Inu has destroyed or gotten rid of 410 Trillion Shiba Inu tokens in the last three years.

Shiba Inu was launched four years ago with 1 Quadrillion in total supply value. Soon after, almost half of the supply was gifted to Vitalik Buterin for his role in developing the crypto industry. And now, after three years, multiple rounds of Shib burn have taken place, reducing the total supply by 410 Trillion. At the time of writing, Shiba Inu had 589 Trillion in total supply, and 29,596,142 burnt in the last hour.

The second most popular meme coin has witnessed a 299.60% surge in the burn rate and has removed 58,029,947 $SHIB tokens in the last 24 hours. Also, the number is even higher for the week interval with the burning of 175 Million SHIB tokens.

The Shib burn mechanism wasn’t part of the Shiba Inu network. However, the community approved the Shib burn mechanism three years ago to reduce the SHIB supply and stabilize the token.

Impact of Recent Shib Burn On Shiba Inu Price?

Despite the Shib burn, the Shiba Inu price isn’t much affected. Its price has surged only 1.27% in the last 24 hours. But the token has faced an 11% decline this week and 17% in the month. It creates doubt on the potential of Shib burn and its impact on the price performance of the meme coin. At the time of writing, Shiba Inu is trading at $0.00002271 with a market cap of $13,377,578,621.

Because of the slow crypto market, the Shiba Inu transactions have declined heavily. The 24-hour trading volume decreased by 35%, presently carrying $268,749,725 in value. Currently, it is on the worst performance of the month, drifting 74% away from its ATH  target of $0.00008845.

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The post Shib Burn: How Many Shiba Inu Tokens Are Burnt Till Date appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am