SHIBA INU

How many SHIB tokens have been burned so far

Shiba Inu (SHIB) is one of the most popular meme coins, ranking 11th on Coinmarket based on market capitalization. Shiba Inu offers a massive total supply to users, but this has become a limiting factor for the cryptocurrency as the higher the supply, the lower the demand.

Although Shiba Inu is favored, the development team within the ecosystem continues to explore various methods to create scarcity for this token. One effective method is to reduce the supply of SHIB tokens.

According to a summary from ONUS, Shib Burn has burned 410 trillion SHIB tokens.

In Shib Burn, SHIB tokens are sent to a “dead wallet” with a private key that no individual can access. Because the process of generating a private key is very complex, no one can successfully decode it to access these tokens. Therefore, when these tokens are transferred away, they are removed from circulation, reducing the total supply and creating better stability for the cryptocurrency.

As a result, Shiba Inu has burned 410 trillion SHIB tokens in the past 3 years. Shiba Inu was launched 4 years ago with a total supply value of 1 quadrillion. Shortly after, nearly half of the supply was given to Vitalik Buterin for his role in developing the cryptocurrency industry. And now, after 3 years, many SHIB burning events have taken place, reducing the total supply to 589 trillion, with 29,596,142 burned in the past hour.

Burn rate skyrockets

This meme coin has witnessed a burn rate increase of 299.6% and has eliminated 58,029,947 tokens in the past 24 hours.