SHIB was a tremendous success in 2021, garnering lots of attention for its burn efforts.
Many cryptocurrency platforms burn coins (destroy coins by transferring them to dead wallets) for long-term sustainability. The process increases demand, which could cause a price increase.
However, what’s the SHIB coin’s burn rate? And does it burn coins?
Does SHIB Burn Coins: What Is The SHIB Burn Rate?
Shiba Inu does not often schedule SHIB burns using WoofPaper or its tokenomics, but it has an online portal, the Shiba Inu burn portal, that allows token burns.
The portal was released on April 23 and has shockingly burned over 15 billion SHIB.
In addition, the community’s efforts to destroy SHIB are among the most effective in any cryptocurrency-related community.
As per March’s figures, SHIB’s burn rate was approximately 6 billion. This high number is due to community burns and the Shiboshi name change.
Here’s a portion of SHIB burnings in the community and how they manage it.
Steven Cooper’s crypto record label, Bigger Entertainment, has burned over 1 billion SHIB through the SHIB burner playlist, making it one of the large-scale SHIB destructions from the community.
IB Times reports that there were plans to host burn events and launch an NFT game, but Bigger Entertainment left Shiba Inu. Cooper says they reached this decision after a conversation between him and the Shiba team, which was an enormous blow for him.
Shiba Inu Games
Although NFT games are tied to earning crypto coins, the latter category of titles is play-to-burn.
For instance, the Bricks Burner mobile game by Travis Johnson uses ad revenues made to transfer SHIB to the dead wallet. The approach has destroyed over 1.3 billion SHIB.
Johnson’s Superstore is another example that has expanded to other income streams such as drinks and food and other games that destroy tokens.
Other mobile games boast of burning SHIB apart from Bricks Burner.
More SHIB Burns
Many SHIB burning initiatives occur in the Shiba community and its ecosystem. For instance, the Shiba Coffee Company burns a portion of its earnings.
In addition, new third-party tokens such as gaming tournaments, search engines, and YouTube channels are also burning large amounts of SHIB.
However, it’s not all sunshine and rainbows with burning, as there are reports of malicious actors claiming to burn a certain quantity of SHIB to build a massive following from the ShibArmy. As a result, you should be cautious of new burning attempts unless they have posted their Etherscan transactions.
Upcoming SHIB Burns
There are many upcoming burn mechanics in the SHIB plan of action. Here’s a glimpse of the planned burns:
- The Shiba Inu Metaverse: This will allow landowners to burn SHIB by enabling them to change their property name.
- Besides games, platforms such as ShibaSwap and Shibarium will include other burning mechanisms.
- NOWPayments: This has added an alternative burn mechanic for merchants, with Welly and John Richmond signing up for the burns.
How Much Is SHIB Burned?
Over 410.32 trillion SHIB was burned across all SHIB burn wallets. This accounts for 41% of the overall SHIB supply.
Nevertheless, the highest percentage of burned SHIB results from the first burn of the Ethereum Founder, Vitalik Buterin. He burned 410.24 trillion in May 2021 following the receipt of 500 trillion SHIB, which is 50% of the total supply. Buterin donated the rest towards charity for The India Crypto Covid Relief Fund.
As of April 26, the community burned 80 billion SHIB, valued at $1.96 million after subtracting Buterin’s burn from the amount Shiba Inu destroyed.