The official Shiba Inu burn portal, Shib Torch, incinerates hundreds of millions of SHIB.
Shibarium Updates (@Shibizens) highlighted the development today, providing insights into Shib Torch’s overall activity.
Shib Torch Burns Over 713M SHIB
According to the post, the portal has burned a total of 713,128,264 (713.12 million) SHIB as of March 18. With Shiba Inu currently trading at $0.00001251, these 713.12 million SHIB tokens are worth $8,921. This represents the total amount of SHIB incinerated through the Shib Portal since its launch in August 2024.
Meanwhile, the portal’s deflationary efforts have intensified over the past week. Its burn rate has spiked by double-digits to 10.02% within this time frame.
Shib Torch Process and Upcoming Burns
For context, these burns are funded with a portion of Shibarium’s transaction fees. Initiating transactions on Shibarium requires users to pay a base fee, which is automatically locked in a burn contract.
However, users who want validators to prioritize their transactions during network congestion can include a priority fee allocated to the validator.
Of the total base fee, initially paid in BONE, 70% will be converted to SHIB and burned. This 70% will be accumulated until it reaches a threshold of 1,000 BONE, currently worth $220. Upon reaching this milestone, any user can initiate the burn process.
At the moment, 445.93 BONE have been accumulated for the next burn. At the current exchange rate, this figure would lead to the incineration of 7,832,860 (7.83 million) SHIB tokens.
Potential Impact of SHIB Burn
Although the amount of SHIB the portal has burned so far represents only a fraction of Shiba Inu’s circulating supply, these efforts are expected to positively impact the token’s price action in the future.
As more tokens are permanently removed from the supply, this could potentially create scarcity, allowing the value of the remaining tokens to surge.
Besides Shibarium, the community is also engaged in other initiatives to intensify burns. For instance, some users send SHIB directly to the official dead wallet, enhancing Shiba Inu’s burn campaign.
Overall, more than 410.74 trillion SHIB have been removed from circulation since Shiba Inu’s inception. Of this amount, 15,493,929 (15.49 million) tokens were burned over the past 24 hours, leading to a 6.18% surge in the burn rate.
Currently, Shiba Inu has a total supply of 589.25 trillion, with one SHIB currently trading at $0.00001251.
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