Shiba Inu has witnessed over 22.5 billion SHIB burned from its circulation in just a week through its newly launched burn portal.
The details were out through one of the tweets, which revealed that the Shiba Inu portal has removed a whopping 22.5 billion SHIB from the supply since its release.
Also, in the last 24 hours, several SHIB initiatives have sent over 784 million SHIB to dead wallets and said bye-bye to them forever.
22.5 billion Shiba Inu gone in a poof
The burn portal was created earlier this month and has already logged thousands of transactions totaling thousands of dollars in SHIB destroyed.
The Shiba Inu burn site has been accessed by more than 1203 people, with an average transaction burning nearly 14 million meme coins.
The burn portal reportedly burned over 20 billion Shiba Inu till last Saturday. By Sunday, it rose to 22.5 billion, and at the time of writing, the numbers grew to 23 billion.
As for the ultimate aim of any burn portal, the entire burning process is purely aimed at making them scarce to increase demand and pump the price.
Well, the storm seems to be heading in a different direction as the effect of the burns hasn’t been reflected in the price of Shiba Inu, which is currently trading at $0.00002074 at the time of writing. The current price is 1 76% drop down from its all-time high.
As per the details by Shibburn, a SHIB burn tracker, a total of 784,731,064 SHIB has been burned in the last 24 hours.
As per the reports of Shibburn, a total of 410,336,562,910,416 SHIB has been burned and taken out of the supply forever. The burn rate has witnessed a 46.99% increase in the last 24 hours. Fast food giant Welly has also extended its hands to support the Shib burn process.