Blockchain News

Shiba Inu Sizzles Its Way to 25B SHIB Burned

Scarcity alone does not determine the price of crypto, but the SHIB Army will hope that the burns push up SHIB's value.

Community Burns Over 25 Billion SHIB

Prominent alt-coin Shiba Inu's burn portal is getting increased community engagement. The total number of SHIB tokens burned by the community has now surpassed 25 Billion, barely within two weeks of the portal's launch.

Shiba Inu created the burn portal on April 24 as a community-driven deflation mechanism to help increase the scarcity and price of SHIB tokens. To use the portal, holders of SHIB tokens voluntarily send their tokens to the portal's burn address, in effect removing those tokens from circulation forever. As an incentive, holders who burn their tokens will receive a reward token, $RYOSHI. As announced by the protocol, Shiba Inu will disburse the first set of $RYOSHI rewards on May 17.

Shiba Inu is not a reflect token. The project started with a total supply of 1 Quadrillion. The token currently has a circulating supply of 549 Trillion, according to CoinMarketCap. The current supply was reached after Ethereum founder Vitalik Buterin burned a large amount of the 50% share of the total supply that the project’s founders gifted him.

With about 500 trillion SHIB tokens remaining, Shiba Inu's vociferous fans––the SHIB Army–– demanded that the project find ways of bringing down the total supply even further. The request by Shiba Inu's community led to the creation of the burn portal. 

There are clear indications that Shiba Inu's community has bought into the project's voluntary burn initiative. As seen on Shiba's dedicated Twitter handle for the burn portal, the community constantly sends millions of SHIB tokens to the burn address each day. With the burns continuing, the SHIB token will keep getting scarcer, potentially increasing the token price. 

What is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin with the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Where to find Shiba Inu:

Website | Twitter | Telegram | Discord | Reddit | Instagram |

Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!

Follow us on Twitter and Instagram!

For those looking for tools and strategies regarding safety and crypto education, check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!

How would you rate this article?

Related News