The Shiba Inu burn portal removed over 22 billion SHIB within a week after launch

Burn.shibaswap, which has been running for a week, has removed 22.5 billion Shiba Inu (SHIB) from the circulating supply. Accordingly, within the past 24 hours, various SHIB burning transactions were performed, burning more than 708 million coin memes.

22.5 billion Shiba Inu (SHIB) burned in one week

The SHIB write port that started working recently is picking up speed, sending a massive second-biggest meme token to the “hell” wallet. A few days ago, 20 billion SHIB was burned cumulatively by it, and a few days later, this amount increased to 22.5 billion SHIB.

Reportedly, the purpose of the burn is to make tokens more and more scarce to boost their price. This has yet to happen for the Shiba Inu, as it is still 76.25% below the historic peak of $0.00008845 reached in October.

After hitting a local high of $0.00002196 on May 1, today, the coin price has dropped to $0.00002084. This preceded the 15% drop in SHIB’s price, as it fell from a high of $0.00002538 to $0.00002152 on April 30.

A total of 708,881,094 Shiba Inu has been burned down in about the past 24 hours. According to Shibburn’s website, 410,336,474,455,179 tokens have been burned and removed from SHIB’s circulating supply so far.

A total of 410,336,474,455,179 SHIB are in circulation at the moment. The amount of 37,077,399,197,092 tokens have been staked on different platforms. The burn rate increased by 27.15% in the last 24 hours — from 550 million to 708 million SHIB destroyed.

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