Amid the negative trend in cryptocurrency prices, over $500,000 worth of SHIB was burned via Shiba Inu’s burn portal.
2022 brought a bearish downturn in the crypto market, with many projects in the red. Flagship cryptocurrencies like Bitcoin have fallen below $40,000 and Ethereum below $3,000. Despite evidence of a bear market, Shiba Inu holders have continued to burn SHIB.
Over $500,000 worth of the meme-inspired cryptocurrency has been burned by members (holders) of the Shiba Inu community since the team launched the Burn Portal, which rewards its holders for removing SHIBs from the circulation.
The burn portal, which launched on April 23, 2022, was announced by the team earlier this year, with plans to include it in a new version of Shiba Inus’ decentralized exchange, ShibaSwap. Saying it would make it easier for its users to regularly burn SHIBs to effectively reduce its circulating supply, of which the platform currently serves this purpose. In addition, the platform serves as the official place for transparent burns.
Over 25.5 billion SHIB worth over $500,000 has been burned via the platform. The burnt tokens are sent to a burn address, a wallet that cannot be retrieved.
As of now, the burning rate is significantly lower than when the burning portal was initially released, where over 20 billion SHIBs were burned a week after the burn portal was launched, meaning there were just over 5.5 million burns the following week. However, since SHIB is a deflationary token, the burn has been increasing its scarcity.
Still, Archangel, a member of the Shiba Inu team, encouraged the SHIArmy to be realistic about the cryptocurrency burning mechanism, telling them not to expect 90 percent of their circulating supplies to be burned. Notably, about 41% of the cryptocurrency supply has already been burned.
Furthermore, SHIB burners are rewarded with “burntSHIB” tokens, which can be staked to generate RYOSHI tokens, a separate token in the Shiba Inu ecosystem. Ryoshi vision has increased by 41% since the Shiba Burn Portal initially went active.
