The Shiba Inu community has reached a significant milestone by burning over 1.3 billion SHIB tokens through its official burning portal. This event emphasizes the community's commitment to reducing the total supply and enhancing the token's value.
Burning Results of SHIB Tokens
According to updates from the Shibarium Updates account on social media, a total of 1,310,871,032 SHIB tokens have been burned. This reflects the community's serious efforts to enhance the token's sustainability and value. The burn rate has increased by 2.18% over the past week.
How the Burning Portal Works
The ShibTorch burning portal, driven by the community, operates on the Shibarium Layer-2 network. The burning process involves a two-step procedure that initiates upon accumulating a certain amount of BONE tokens. The BONE tokens are then bridged to the Ethereum mainnet and swapped for SHIB, which is permanently removed from circulation.
Current Metrics and Trends
As of now, a total of 410,750,168,738,930 SHIB tokens have been burned, representing over 41% of the initial supply of 1 quadrillion tokens. However, only 199,379 SHIB were burned in the last 24 hours, marking a 98.46% drop in the daily burn rate. The current total supply of SHIB now stands at 589,249,836,126,910.
The burning of SHIB tokens remains a crucial aspect of the community's strategy aimed at long-term price appreciation. While there has been a recent decline in burning rates, the accumulated achievements represent a significant move towards creating token scarcity.
