SHIB Burn Rate Jumps 2,080%, Burning Weekly Amount of Close to Billion in 24 Hours

Massive amounts of prominent meme token SHIB continue to disappear from the circulating supply thanks to the joint efforts of the Shiba Inu community and the recent launch of Shibarium testnet.

This time, the amount of burned SHIB over the past 24 hours is equal to what they transferred to dead wallets in the past week.

SHIB army burns nearly 1 billion tokens

According to the figures shared by the Shibburn tracker on its website and Twitter page, over the past 42 hours, a total of 802,428,808 Shiba Inu has been pushed out of circulation in six transactions. This pushed the burn rate up by 2,080%.

Among them was one transfer that moved a whopping 794,858,822 SHIB to an “inferno” wallet.

HOURLY SHIB UPDATE

TOKENS BURNT
Past 24Hrs: 802,428,808 (2080% ▲)
Past 7 Days: 1,642,854,789 (-47.2% ▼)

— Shibburn (@shibburn) March 28, 2023

During the past week, as U.Today covered earlier, the SHIB community burned 834,804,461 SHIB in 82 transactions. In total, these two make up 1,642,854,789.

By now, according to Shibburn, 410,391,857,902,711 Shiba Inu tokens have been cumulatively burned, making this nearly half of the initial one-quadrillion supply.

Biggest SHIB burn ever made goes down in history

After the launch of Shiba Inu in August 2020, its mysterious founder calling himself Ryoshi transferred approximately half of the supply to a wallet that belongs to Vitalik Buterin.

Buterin burned the biggest part of this chunk and also donated $1 billion worth of Shiba Inu to the Crypto Relief fund in India that helps fight the consequences of the pandemic.

After that, $100 million in Shiba Inu from that donation was sent back to Buterin. The aforementioned fund had been set up by Polygon co-creator Sandeep Nailwal.

He explained this partial “refund” made to Buterin by having to obey Indian laws that set hard limits on projects that can accept donations from one person or organization.

Buterin was then driven to create a fund called “Balvi.” It works directly with projects that create vaccines, ventilators and other similar products and sends donations to these nonprofit organizations.