The Shiba Inu ($SHIB) community has burned over 2.4 billion tokens in the past seven days as efforts to reduce the supply of the cryptocurrency in circulation continue to grow through several projects actively using revenue to burn tokens.
According to data from Shibburn, SHIB’s burn tracking tool, over 2.41 billion tokens have been burned through over 200 separate transactions. It should be noted that burning tokens permanently removes them from circulation by sending them to a wallet from where they can never be retrieved.
— Shibburn (@shibburn) May 29, 2022
Shiba Inu’s burn rate skyrocketed after the launch of the ShibaSwap Burn Portal, which rewards users for destroying their tokens. The portal was launched on April 23rd and from then until the rewards start to be distributed, the SHIBArmy burned about 29.5 billion $SHIB. After the beginning of the distribution of the rewards at the beginning of the week, theThis figure has risen to 52.4 billion tokens today.
For burning tokens, SHIB investors receive $burntSHIB, which can then be used to obtain $RYOSHI. According to Ryoshis Vision, the token rewards were initially distributed to each holder of xSHIB, a token awarded to users who staked SHIB on ShibaSwap. For a period of 20 weeks now, RYOSHI is distributed to those who burn SHIB, as well as those who put RYOSHI on ShibaSwap and the project itself.
The combustion portal may soon be complemented by a donation portal, which has been suggested by community members looking to promote the use of SHIB as a charity cryptocurrency.
Some of the major contributors to Shiba Inu burning include the SHIB-inspired token”1 Cent“, which aims to raise the price of the meme-inspired cryptocurrency to $0.01, and various other community projects. One such project is the SHIB Super Store, which tweeted proof of its transactions by burning tokens.
Amazon will be included next week!
— SHIB Super Store (@shib_superstore) May 29, 2022
The company is said to have been burning tokens since November last year and has so far destroyed over 2 billion tokens. She recently launched a new way to burn SHIBs after being accepted into Amazon’s affiliate program, which allows her to earn a revenue share from purchases that she will use to purchase and burn tokens.
SHIB’s increasing burn rate comes at a time when SHIBArmy added 30,000 new token holders in 30 daysdespite falling cryptocurrency prices. Data shows that Shiba Inu now has nearly 1.2 million holders on the Ethereum blockchain.