SHIB army managed to send a total of 22,105,972 Shiba Inu to their burn wallets by the evening of January 30. Thus, the burning rate was recorded as 4.506% in the last 24 hours.
The SHIB community has managed to reduce the circulating supply of Shiba Inu by 81 billion in 2022. They also got off to a good start this year, issuing more than 100 million SHIBs in early 2023. However, the burning rate has returned to the low figures it showed in the last four months of last year.
22.1M $SHIB Inu Burned by the Portal in the Last 24 Hours, Burn Rate Hits 4506.38%
🗣️WOOF!! pic.twitter.com/Qoo5MS9s7aNEWS CONTINUES BELOW
— SHIBA INU (@ShibInfo) January 30, 2023
Still, according to Shibburn, the burn rate of the second largest meme coin by market cap has dropped almost 100%, as just over 1 million Shiba Inu have been burned in one small transaction so far.
It May Take 1.57 Million Years To Reduce SHIB Supply!
Recently, pro-Ripple attorney Jeremy Hogan and YouTuber @Jeff_OnTheChain had an argument on Twitter. Jeff tweeted that if the SHIB army were to burn just 1 million tokens per day, they would be able to reduce the current amount of SHIB in circulation to 100 billion. But that would take 1,157,174 years, according to the blogger’s tweet.
Hogan openly trolled the SHIB army, who were desperately trying to burn as many meme coins as they could to push the price up, saying, “So, you’re saying it’s possible…” SHIB was initially launched with a quadrillion meme token offering.
500 trillion total meme coinwas given as a gift to Vitalik Buterin by Ryoshi, the pseudonymous creator of SHIB. When Ryoshi took the alias, he appeared to be impersonating Bitcoin creator Satoshi Nakamoto. He then chose to disappear, leaving the project in the hands of the community for further development and improvement. According to the Shibburn website, a total of 410,384,885,011 SHIBs have been removed to date, and 549 trillion SHIB are still in circulation.
The SHIB army has pinned its hopes on the Shibarium layer 2 protocol, whose beta version was announced by the developers in mid-January. Trillions of Shiba Inu are expected to be cremated as soon as the Shibarium is up and running.