Shiba Inu Burn Portal Destroys 20 Billion SHIB In Under A Week

Shiba Inu Coin logo burning in a circle.
Credit: Pixabay

Over 20 billion SHIB has been burned through the Shiba Inu Burn portal, just under a week since it launched.

Since the burn portal went live on April 23, some 20 billion SHIB worth over $455,000 has been destroyed and added to the burn pool via 1555 transactions.

Here’s a closer look at the SHIB burns after the burn portal’s impressive first week.

Shiba Burn Portal: Latest Statistics

Through the Shiba burn portal, a total of 1203 users have contributed, with each transaction averaging 12.8 million SHIB destroyed.

Contributions towards the burn portal have slowed down, however, as it moved further away from the launch. Whether this is just a natural fall-off expected for a new project, or due to lower rewards from the ever-expanded burn pool, the burn rate has still remained above the pre-burn portal rate.

Of the top 10 contributions, nine of these burns took place in the first 48 hours.

Some 7.2 billion SHIB was burned on 24 April - the top day for SHIB burns. On 27 April, this was just 785 million SHIB, although it jumped to 1.6bn SHIB on the following day. This was helped by three burns for over 100 million SHIB each.

While pure SHIB burning from MetaMask is the most popular choice for burning, around one-third of the transactions have taken advantage of the Buy and Burn method.

The burn portal will reward SHIB burners with Ryoshi’s Vision. The developers of Ryoshi’s Vision, which is not a part of the Shiba ecosystem, created the portal. According to its latest Medium post, the burn rewards are biweekly, meaning we can expect this distribution next week. Since the burn portal went live, RYOSHI is up almost 60%.

The burn portal seems to have consolidated SHIB burns into one place - perhaps fulfilling its purpose. Since it went live, just 39 burns have taken place outside the portal. Six of these were to rename a Shiboshi NFT.

Outside of the Shiba Burn Portal, development continues on other aspects within the Shiba ecosystem expected to burn SHIB. Shiba’s project lead, Shytoshi Kusama, has hinted at an upcoming blog post that should reveal more details about the burn plans for the Shibarium Layer-2.

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