The Shiba Inu [SHIB] ecosystem has been rolling out an array of updates for its network. From starting its very own metaverse to accelerating its utility, the meme coin has taken the centre stage. Burning cryptocurrencies or sending them to a dead wallet to minimize the circulating supply has been in practice for quite some time. Despite being relatively new, SHIB managed to carry out extensive burns. Unlike other networks, the community was free to burn the altcoin here.
In response to the fervor around burning the altcoin, the Shiba Inu network rolled out a burn portal back on the 23rd of April 2022. About 20 billion SHIB tokens were destroyed within a week of its debut. Now that the portal has been up for a month, the total number of SHIB tokens burned has surpassed 50 billion.
The burn momentum spiked following the announcement of the ShibaBurn Rewards. Individuals would be rewarded RYOSHI depending on the number of tokens that they have burnt.
Last week, an anonymous wallet burnt nearly 10 billion Shiba Inu tokens. Despite being one of the largest burns in a single transaction, it was worth only $124,300.
Here’s where Shiba Inu stands today
The Shiba Inu community, popularly known as the Shib Army has been carrying out burns non-stop. This, however, seems to have close to no effect on the price of the altcoin. SHIB continues to remain 86 percent below its all-time high. The only thing that seems to have changed is the circulating supply. At press time, the total SHIB in circulation was at 549,063,278,876,302.
The recent crypto carnage instigated by Terra drained the entire market of its gains. Shiba Inu fell prey to it as well. However, now, SHIB was paving the path to recovery. During press time, the altcoin was trading for $0.00001196 with a 1.96 percent surge over the last 24-hours.
Additionally, the depleting price of Shiba Inu seems to be making no difference to its holders. The SHIB holder count has been on an uptrend and currently, the total holding addresses stand at a high of 1,167,852.