The circulating supply of popular meme tokens has been a pain point for its growth that has been figured out now, and since its burning has continued.
The community of meme-inspired cryptocurrency Shiba Inu has been burning SHIB tokens worth about $500,000 ever since the launch of a burn portal by its decentralized exchange ShibaSwap, which rewards the token holders for removing SHIB from the current circulation. The Shiba Inu developer team announced a burn portal launch that was planned to include a new version of ShibaSwap, the decentralized exchange of Shiba Inu, earlier this year. It was when the team realized that it would be easier for the users of the platform to burn SHIB tokens regularly and reduce the circulating supply of Shiba Inu.
Team member of Shiba Inu, Archangel, noted that at the time the SHIBArmy should have realistic expectations from the burning mechanism of cryptocurrency and at least should not expect that 90% of SHIB’s circulating supply to be burned. It’s notable that cryptocurrency’s circulating supply has already been burned to date. The Shiba Inu’s burn portal was launched on 23rd April, and it has burned about 23 billion SHIBs so far.
These huge amounts of 23 billion burned SHIB tokens are worth more than $480,000. That means meme cryptocurrency of nearly half a million has been destroyed so far. It’s worth noting that the burning of tokens removes them from circulation permanently by sending them to a specific wallet from which the crypto assets can never be taken back or retrieved.
Often projects are seen to burn tokens to reduce the circulating supply, which could lead to token price rise if met with increasing or similar demand. According to the available data, the community of meme tokens, SHIBArmy, has favored tokens burn for a long time, effectively removing about 263 billion tokens from circulation from October 2021 to March 2022. As reported earlier, the World’s first fast-food burger chain, Welly using the meme-inspired crypto as its theme, has also pledged to use its profits share to burn SHIB and the specific percentage of its revenue generated from franchise fees.
Source: https://www.thecoinrepublic.com/2022/05/03/how-many-shib-have-burned-since-the-launch-of-its-shiba-inu-burn-portal/