Shiba Inu’s lead developer Shytoshi Kusama stated that the burning of the SHIB tokens requires a true community effort. Replying to a user’s tweet who called for “massive burns to pep up the army”, Kusama added that they are working on the project which might take time, and hoped it would work out perfectly.
Data from the Shibburn website shows that 410,373,764,750,087 SHIB tokens have already been transferred to dead wallets from the initial supply of 1 quadrillion.
In the past 24 hours, the burn rate has reached 647.12% as per the data tracker.
Burns are calculated using three special addresses, two dead wallets which have no obtainable keys, and tokens sent to the Genesis address [Black Hole] which reduces the supply. The above chart uses the initial supply of 1 quadrillion.
The latest tweets from the project developer indicate that efforts are being made to intensify the burning mechanism.
For the last one week, more than 1 billion SHIB has gone up in flames. The popular meme token has a total supply of 589,626,233,367,020, with a circulating supply of 557 trillion SHIB tokens and a market cap of $6.2 billion.
Shiba Inu Is Down By 87% Since Its ATH
At the time of writing this post, SHIB was exchanging hands at $0.000011. Since reaching all-time highs of $0.000088 in October last year, the 15th-ranked asset has shed nearly 87.19% of its value. Other cryptocurrencies have dropped drastically as well.
Despite the lackluster price performance, the canine-themed token has managed to gain acceptance on several well-known cryptocurrency exchanges, including Binance, Coinbase, Gemini, and, most recently, Bitfinex.
Similarly, another token of Shiba Inu’s ecosystem worth mentioning is 1CENT Token, a community-led burning project that destroyed 300 Bone ShibaSwap [BONE] in the past 7 days.
Regarding the Bone Shibaswap token, BONE, Team Shiba Inu recently adjusted the token’s current flow and minting rate to 1 BPB [BONE Per Block].
This adjustment was intended to prevent the over-minting of the Shiba Inu ecosystem token, thereby maintaining the integrity of the DOGGY DAO voting outcome and the reward system, while safekeeping the agreed minting ratios voted in by the community at 230 million BONE, the team claimed.