A Massive 45 million Shiba Inu Burnt in 24 hours, While 1.49 billion Shib Burnt in Feb.
Last 24 Hour Shib Burn:
The official Twitter handle of Shibburn reported that 45,086,353 (45M) Shiba Inu tokens had been taken out of circulation forever, with 12 transactions during the last 24 hours.
In the past 24 hours, there have been a total of 45,086,353 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) March 1, 2022
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.
Shiba Inu Monthly Burn
The Shiba Inu (SHIB) community has been working relentlessly to reduce the cryptocurrency’s total supply as part of efforts to increase its value. Yesterday we calculated that over 1.6 Billion shib were burned in Feb, according to data from Etherscan.
The Shibburn indicates that 1.49 Billion shib were burned and taken out of circulation in Feb 2022 as part of the community’s efforts to reduce Shiba Inu’s total supply from 1 quadrillion units, while Over 1.32 Billion Shiba Inu was burned in January.
? 1,495,356,204 $SHIB tokens have been burned in the month of February with 252 transactions. #shibarmy
— Shibburn (@shibburn) March 1, 2022
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.
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.