In a move designed to deliberately reduce the volume of Shiba Inu in circulation, the owners created a burning portal for the token in April.
This burning portal allows holders of the token to destroy units of the token permanently and also allows them to receive passive income for the values they’ve destroyed.
Since its launch, the volume of Shib tokens burnt is estimated to be in the billions. Less than 7 days ago, over 1 billion Shiba Inu tokens were destroyed in just 160 transactions.
In fact, within a week, records on the portal indicated that 25 billion units of Shiba Inu were out of the circulating supply.
Data regarding the use of the new portal available on the shibburn crypto tracking service indicates that holders of the token have also burnt nearly half a billion of the meme coins.
This data, to be precise, puts the volume of meme tokens no longer in circulation since the introduction of the policy at 405,282,493.
As the burn of the Shiba Inu continues to reduce its circulation, available data indicates that interest in the activity keeps driving investors in the industry.
Why is Shiba Inu Burn Feature Important?
The answer is simple. By doing so, Shiba Inu becomes slightly more scarce with a potential of a price increase in the long term.
It is important to note that implementing the burn feature is at the discretion of the holder and it does nothing more than show their dedication to making Shiba Inu a sustainable and valuable digital currency.
So far, the biggest single transfer of 112,462,000 Shiba Inu tokens, occurred approximately 12 hours ago as of press time from the 0x28a121e4732d7cc5972b16e48590103b2574f806 address.
Data from Whalestats indicated that the whales have been actively accumulating the token. This resulted in an increased smart contract usage and has made it one of the most used contracts among the largest Ethereum wallets.