The recently opened Shiba Inu cremation portal removed an astonishing 22.5 billion Shiba Inu from the circulating supply in one week. Also, around 20,000 ETH was burned in a single day on the leading altcoin Ethereum.
22.5 billion SHIB gone in a week
The recently launched SHIB burning portal, which we have mentioned in the news of Kriptokoin.com, is already accelerating and sending large amounts of meme tokens to ‘hell’ wallets. On Saturday, 20 billion SHIB were burned cumulatively, and by Sunday that amount had risen to 22.5 billion tokens.
Digital coins are burned to make them more scarce, thereby trying to raise their price. This has yet to happen to the Shiba Inu as it is 76.25% below the historic peak of $0.00008845 reached in October. After hitting a local high of $0.00002196 on May 1, the price of the coin has dropped to $0.000002084 as of today.
Shibburn website, approximately one billion dollars according to data collected from Etherscan He shared that three quarters of the SHIB had been burned. A total of 708,881,094 Shiba Inu have been burned in approximately the last 24 hours.
According to Shibburn’s website, a total of 410,336,474,455,179 tokens have been burned so far and removed from the circulating SHIB supply. A total of 410,336,474,455,179 SHIBs are currently in circulation. 37,077,399,197.092 tokens have been staked on various platforms. Burn rate increased by 27.15% in the last 24 hours.
Leading altcoin Ethereum also joined the burning spree
Nearly 20,000 ETH was burned in a single day, marking an all-time high. Introduced on August 5, 2021, the London hard fork made it possible to pay Ethereum (ETH) fees using burnt Ether, which was not available until then. It is worth noting that the term “burning ETH” refers to the act of permanently deleting units of the Ethereum supply. This would theoretically limit the supply or amount of ETH in circulation, which is the target of the London hard fork involving EIP-1559.
has been reaching record highs since August, which appears to be linked to the expansion of decentralized finance (DeFi) platforms and the trading of Non Fungible Tokens (NFTs). Indeed, a new record for ETH burning was set on January 10, according to statistics from the Watch the Burn web portal, which records a total of 19,424 ETH burned in a single day. Notably, the previous all-time high was more than 16,000 ETH, reached in mid-October 2021.