Meme coins, including Shiba Inu and Dogecoin, have enjoyed popularity over the years. However, they have frequently been chastised for failing to deliver a notable performance for their price. This is possibly due to the oversupply of these meme coins.
To address the issue, the Shiba Inu team began the burn initiative. The initiative intends to send SHIB to dead wallets. The dead wallets are inactive wallets that no one has control over. This burning mechanism, in turn, is believed to increase scarcity, helping to drive demand and boost the price.
As per the details let out by @Shibinform, 700 billion SHIB has been burned to date.
Trillions of SHIB burned to date
Some of the most common platforms that aid in burning SHIB are Shibburn and Shibaburn by Shibaswap. The Twitter handle shared that 700 billion SHIB have been burned up until now. However, it is unclear about the source of the 700 billion SHIB burn.
As per the details from Shibburn, 410,382,614,970,837 SHIB have been burned by the platform from the initial supply. The burn numbers by Shibburn are in trillions. According to the information provided by Shibaburn, 64,823,295,429.85 SHIB burns have been initiated by the platform.
The SHIB burn rate has been fluctuating quite a bit recently. On some days the burn rate skyrockets, whereas on other days, it is considerably low. At press time, the SHIB burn rate has dropped by 99.59% in the last 24 hours.