A Massive 1.6 Billion Shiba Inu (SHIB) Burnt in February

A Massive 1.6 Billion Shiba Inu (SHIB) Burnt in February.

The Shiba Inu (SHIB) community has been working relentlessly to reduce the cryptocurrency’s total supply as part of efforts to increase its value. 

As part of the community’s efforts to reduce Shiba Inu’s total supply from 1 quadrillion units, a total of 1.6 billion SHIBs were burnt in February, data from Etherscan shows. 

Source: Etherscan

Taking into account three shiba inu burning address:

Burn Address 1: 0xdead000000000000000042069420694206942069 

Burn Address 2:0x000000000000000000000000000000000000dead 

Burn Address 3: 0x0000000000000000000000000000000000000000 

We calculated that over 1.6 Billion shib were burned in Feb, while Over 1.32 Billion Shiba Inu was burned in January, a little less than this month.

Unlike other cryptocurrencies that have a burning mechanism to reduce the token supply, SHIB’s burning program requires major proponents and individuals of the community to send specific amounts of the cryptocurrency to an inferno wallet. 

The initiative, which started as a collective idea, was majorly headed by the CEO of Bigger Entertainment, Steven Cooper, burning SHIBs by using a part of the company’s revenue to purchase and send the cryptocurrency to the inferno address. 

Cooper’s determination to reduce the total supply of Shiba Inu via burning has resulted in billions of SHIB burnt in the process. 

Unfortunately, Bigger Entertainment announced this month that it would look for a new way to reduce the total supply of the dog-themed cryptocurrency, as the current method it is using is harming its reputation. 

In a follow-up tweet, Bigger Entertainment said it will still be hosting SHIB burn parties, however: 

“We’ll find new and creative ways to do the burn party where we aren’t managing the money and protecting our reputation,” Cooper said in a tweet published this month. 

Last Week Shib Burn:

The official Twitter handle of Shibburn reported that 152,439,298 (152M) Shiba Inu tokens had been taken out of circulation forever, with 46 transactions in place during the last seven days.  This means so far, 410,303,293,279,379 SHIB tokens in total were sent to dead wallets from the initial supply of 1 quadrillion.

At present, the total supply of Shiba Inu stands at 589,696,706,720,620, in which 548,801,938,400,149 SHIB tokens are reported as the tokens which are currently in circulation. In contrast, the other 40,894,768,320,471 are staked tokens, as per data provided by shibburn.com official website. By staking tokens, one can earn more crypto depending on any exchange’s interest rate per year. Usually, it is 10% or 20% per year.

There have been several calls to reduce SHIB total supply, and the project team seems to be listening, as revealed in an AMA session held last week.  The company will be introducing a burning portal for cryptocurrency to bolster the coin’s value. However, the team hasn’t confirmed any date of release yet. This burn portal will enable the network to conduct burns through its burn gateway. This will increase the burn rate of Shiba Inu tokens daily tremendously.

At the time of writing, Shiba Inu is trading at the price of $0.00002492, up 1.74% for the day, with a 24-hours trading volume of $1,175,834,771.40, up 11.62% compared to the previous trading session.