Shiba Inu (SHIB) is a popular digital currency born as a rival meme coin to Dogecoin (DOGE), Elon Musk’s beloved dog-themed coin. The SHIB token had quite a chaotic bull run in 2021 as fear of missing out swept over users to buy a currency that reached incredible heights. In October of this year, SHIB peaked at $0.00002913, an increase of 43.8 million percent. You read that right, a 43.8 million% price increase since its launch in August 2020.
Explaining SHIB’s Burn Mechanism
Shiba Inu does not have a specific token burn schedule. But in April 2022, the Shiba Inu Burning Portal was announced, allowing SHIB holders to burn their tokens and receive burning rewards. For SHIB, the burn rate was already very high. In Marcon, 6 billion SHIBs were destroyed, reaching 10 billion individual burns in April before the arrival of the Shiba Inu portal. Shiba Inu has three directions branded.
These are part of the Ethereum network and are also used for other tokens. A burn address is an address that is not controlled by anyone, which means that once the tickets are sent, they are effectively retired.
- The first burning address is the most used since Ethereum creator Vitalik Buterin used it to burn the 6.7B SHIB tokens back then.
- The second recording address is used by the ShibaSwap team, which runs a decentralized exchange (DEX).
- The third record address is Black Hole and is used for Shiboshi’s remaining non-fungible tokens (NFTs).
How Much Has SHIB Been Burned?
To date, more than 70 billion SHIBs have been incinerated. This is more than 40% of the entire SHIB offer. It should be noted that Buterin is responsible for the lion’s share of SHIBs burned, as he received 500 billion SHIBs as a kind of gift from the developers in May 2021. He burned 410.24 billion SHIB; the rest was donated to an Indian COVID-19 relief fund by Polygon co-founder Sandeep Nailwal.
Most in the crypto community appreciated Buterin’s decision, to which he had to say, “I don’t want to be such a powerhouse,” and that he would prefer cryptocurrency developers to donate their coins/tokens to charities. Of cryptographic numbers.
Shiba Burn Roadmap
Here is a brief overview of upcoming SHIB records: All SHIB holders can record their SHIB by renaming properties in the Shiba Metaverse. Shibanet will also have a recording mechanism. NOWPayments has a merchant logging mechanism, and SHIB partners have used the service to log SHIB tokens.
The Shiba Inu community also burns tokens through its initiatives in various ways. For example, one project uses revenue from Amazon affiliates to burn permits, while another releases a playlist and uses the revenue generated to burn more SHIB.