The newly launched “SHIB Burn Portal” on ShibaSwap is already one of the key drivers of long-term gain in value, as the daily burn rate for the popular dog-themed cryptocurrency skyrockets. The SHIB tokens are being burned in billions per day instead of millions.
As of now, over 1.46 Billion Shiba Inu (SHIB) tokens have been removed from circulation permanently within the last 24 hours via the new burn portal. This has already made it the highest burner of SHIB tokens in 2022, even though it has only been operating for over 48 hours.
In just over two days, the burn portal has facilitated the destruction of over 16 billion SHIB. From January to April 22, the total SHIB burn was just 12.7 billion SHIB.
Shibburn.com, one of the authentic Shib Burn tracking websites, has recently reported that over the last 24 hours, a total of 1,461,828,101 (1.46B) SHIB has been sent to “inferno” addresses through 160 transactions and been locked up there permanently, never to use again.
Shiba Burn Portal Destroys 16 Billion SHIB
With March’s 6 billion SHIB burn being a record-breaking month for the burning community, very few would have expected the end of April to multiply the Shiba burns so quickly.
The burn portal sends SHIB to one of the three dead wallets, which has already received over 1100 individual burns since the portal went live on April 23. The largest individual burn through the portal came on April 25. One address burned 1.32 billion SHIB – worth $32,000. Meanwhile, the average SHIB burn through the portal was 13,968,761 SHIB.