Shiba Inu Burns 1.25 Billion SHIB Coins in Week 5.69% Increase

In a recent update, the Shibarium Updates X account linked to the Shiba Inu team announced that over a billion SHIB coins were burned during the past week. This significant burn was facilitated through the Community Burn Portal, which is powered by the layer-2 solution, Shibarium. The total number of SHIB coins burned amounted to 1,254,539,419, marking a 5.69% increase compared to the previous week.

The burn process involved several major transactions. Four notable burns occurred recently, contributing to the removal of 1.2 billion SHIB from the circulating supply. These burns included 15.87 million, 14.57 million, 15.06 million, and 21.79 million SHIB. The Community Burn Portal, which operates automatically, converts a certain amount of BONE Shibarium fees into SHIB and burns them. This process has been further enhanced by a recent upgrade announced by the SHIB team, which promises to make SHIB burns even more efficient and seamless. According to the SHIB marketing lead, Lucie, every activity on Shibarium, including swaps, liquidity actions, and other uses, will now automatically trigger live burns.

Despite the significant burn of over a billion SHIB coins, the total circulating supply of SHIB remains close to half a quadrillion. This indicates that while the burn process is effective in reducing the supply, the overall impact on the total supply is relatively small. The overall amount of burned SHIB coins, as reported by the Shibburn website, stands at 410,748,895,532,230 SHIB. This figure highlights the ongoing efforts of the Shiba Inu community to reduce the circulating supply of SHIB through burns, which are aimed at increasing the scarcity and potentially the value of the remaining coins.