Shiba Inu has set a record-breaking burn streak by burning billions of memecoin in 2022. The SHIB community has been on a quest to transfer millions of SHIB to dead wallets and destroy the coins from circulation ever since the year started.
The main goal of the burning mechanism was to decrease the amount of Shiba Inu that was in circulation, which is likely to increase demand and drive up the price. As a result, numerous measures to speed up burning have begun for just this purpose.
A Twitter user who goes by the username @_Lady_Crypto_ shared an update regarding the SHIB burns. According to the tweet, a whopping 64 billion SHIB has been sent to dead wallets and removed from circulation.
64 billion SHIB burned forever
According to the Twitter user, 64 billion SHIB has cut off from its circulating supply. However, the details regarding the burn portal that helped in achieving the feat are still unknown. Looking at the data from the Shibaswap burn portal, the data seems to come from the same burn portal. At the time of writing, 64 billion SHIB is worth $650,000.
However, Shibburn, another portal has also been doing a great job of burning SHIB from its circulation. As per the details from Shibburn, a total of 410,381,796,645,395 has been sent to dead wallets from its initial supply. Hence, the portal has been doing a notable job with its burn activities.
The SHIB community and the initiatives have to ramp up the burn game to create scarcity and see a notable change in the price of SHIB.