Understanding How Much Shiba Inu Has Been Burned So Far

As of now, over 40% of the total Shiba Inu supply has been burned, with a staggering 410 million SHIB tokens destroyed. This significant amount of burning has had a notable impact on the overall supply and demand dynamics of the cryptocurrency.

To put this into perspective, the total number of SHIB tokens burned has exceeded 410 million, which is roughly 1.5 times the total number of Bitcoin tokens. This substantial reduction in supply has contributed to the cryptocurrency's growing scarcity and potential for price appreciation.

The Shiba Inu community has been actively involved in the burning process, with many users participating in the efforts to reduce the supply and increase the token's value. This collective effort has been instrumental in driving the cryptocurrency's growth and adoption.

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The Shiba Inu is a popular cryptocurrency that's gained a lot of attention in recent times. It's an open-source, decentralized token that operates on the Ethereum blockchain.

The Shiba Inu burn rate determines how many SHIB tokens are taken out of circulation over time. This can influence investor confidence and trading strategies.

Investors and traders closely monitor the Shiba Inu burn rate because it can impact the token's future performance. A high burn rate might signify strong community support, which can attract more interest in SHIB.

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The main purpose of burning SHIB tokens is to create scarcity, which can drive up the value of the remaining tokens. This is done by reducing the supply of tokens in circulation.

By diminishing the supply, Shiba Inu aims to attract more investors and speculators, potentially driving further demand for SHIB. This can contribute to the long-term viability of SHIB.

A controlled Shiba Inu burn rate can prevent excessive inflation that may arise as more tokens are minted or distributed.

The Shiba Inu team has implemented a coin burn strategy to manage the supply of SHIB tokens, which involves destroying a certain number of SHIB tokens from circulation.

The burning process is done periodically, and the number of tokens burned is determined by the performance of Shibarium, the recently released layer-two network.

The better the performance of Shibarium, the more SHIB tokens are burned, making the process a combination of manual and automated burns.

Shibarium is a high-performance layer-two network designed to handle a large number of transactions at a low cost.

The goal of the SHIB coin burn strategy is to create scarcity, which can put upward pressure on the value of the remaining tokens.

This scarcity can attract more investors and speculators, potentially driving further demand for SHIB.

The burned SHIB tokens are stored in three wallet addresses, which are not created by the Shiba Inu development team, but rather are part of Ethereum and used for other tokens as well.

One of the burn addresses is the same one used by co-founder of Ethereum Vitalik Buterin to burn $6.7 billion worth of SHIB tokens in May 2021.

The second burn address is the same one used by the Shiba Inu team for ShibaSwap listings.

The last burn address, called the Black Hole, is associated with the Ethereum genesis address.

Explore further: What Is Shiba Inu Coin Used for

Shiba Inu was launched with a total supply of 1 Quadrillion tokens.

The community approved the Shib burn mechanism three years ago to reduce the SHIB supply and stabilize the token.

In the last three years, Shiba Inu has destroyed or gotten rid of 410 Trillion Shiba Inu tokens.

This is a significant reduction in the total supply.

The Shib burn mechanism involves transferring tokens to a dead wallet whose private key is unknown to everyone, making it impossible to access these tokens.

Once the tokens are transferred, they are removed from circulation, reducing the total supply and creating better stability for the cryptocurrency.

At the time of writing, Shiba Inu had 589 Trillion in total supply.

This is after multiple rounds of Shib burn have taken place.

The community has witnessed a 299.60% surge in the burn rate, with 58,029,947 $SHIB tokens burned in the last 24 hours.

This is an even higher number for the week interval with the burning of 175 Million SHIB tokens.

The Shiba Inu is an ancient dog breed originating from Japan, with a history dating back over 3,000 years. They were originally bred to hunt small game.

Their distinctive fox-like appearance is due to their fox-like ancestry. Shiba Inus come in three main colors: red, black, and sesame.

One of the most distinctive features of the Shiba Inu is their independent nature, which can make training a challenge. They are known to be strong-willed and stubborn at times.

Intriguing read: Shiba Inu and Fox

Shib Tracker is a tool that helps you keep up with the Shiba Inu supply and burn rate.

All SHIB burn transactions are transparent and can be tracked on the Ethereum blockchain, providing a clear picture of the token's supply.

Shibburn is a website that offers real-time SHIB burn transaction records, including details about the burn addresses involved, the amount of tokens burned, and timestamps.

These records also show the amount of SHIB tokens burned over the last 24 hours, giving you a sense of the current burn rate.

The Shiba Burn Tracker website provides a graphical representation of the last 30 days of SHIB burn transactions, making it easy to visualize the trend.

You can also find tabs on the Shiba Burn Tracker website that show the current month and last month's SHIB burn statistics.

Curious to learn more? Check out: Shiba Inu 4 Months Old

In the world of cryptocurrencies, a unique feature is the concept of coins.

Cryptocurrencies, like Shiba Inu, have a limited supply of coins.

Coin burn is a process that permanently removes a certain number of coins from circulation.

This process involves sending coins to an address that is not accessible by anyone, making them unusable.

Shiba Inu, like other cryptocurrencies, has a concept of coin burn, which helps to manage its supply.