The Shiba Inu burn portal, Shibburn, has burned a whopping 10 billion SHIB tokens over 6 transactions, all within one hour.
According to the Shibburn website, SHIB’s burn rate surged to a high of 2623.80%. The Shiba Inu burn portal has only been functional for less than a month, and the portal has already burned 410,356,188,713,541 SHIB tokens from circulation.
The burn portal has the sole purpose of reducing the Shiba Inu tokens in circulation. Yesterday it was reported that the burn portal had burned 1.5 billion SHIB tokens within 24 hours.
Are the burns helping Shiba Inu?
During last week’s stunning plunge, Shiba Inu’s value fell by more than 30%. The token was on the point of adding another zero, but it escaped when the market recovered.
At press time SHIB was trading at $0.00001232, down by 1.4% on the 24-hour chart, and down by 24% on the weekly. On the 30-day chart, the token is down by a whopping 50.2%. Additionally, the project is also -85.7% below its all-time high of $0.00008616, which it attained on October 28th, 2021.
In that regard, the burns have not had any major impact on SHIB’s price for the moment.
However, as a result of the dip, SHIB has seen a spike in its number of holders. It was found that while the market was crashing, Shiba Inu amassed 15,000 new wallet holders.
Moreover, SHIB continues to be a favorite among Ethereum whales. The ‘BlueWhale007’ in particular has been buying millions of dollars worth of SHIB daily. BlueWhale007 is a brand new whale that was born the day SHIB was added to Robinhood’s platform.
Shiba Inu is likewise attempting to create its stablecoin, SHI. The company has kept the development of SHI under wraps and has not given a release date. The project is also on the verge of launching its L-2 layer, called Shibarium. Shibarium plans to reduce the high gas fee due to the Ethereum network and bring in more decentralization in the SHIB ecosystem.