Shiba Inu Burn Portal Passes 60 Billion SHIB Milestone

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Shiba Inu Burn Portal
Credit: Pixabay

Over 60 billion Shiba Inu has been destroyed in SHIB burns through the burn portal, with community burn support remaining strong despite several major hurdles.

A total of 60.97 billion SHIB sent to the dead wallet since its launch. The burn portal has been responsible for around 90% of all burns since its launch in April.

However, the burn portal remains caught up in some controversy. The Shiba Inu team criticised the portal developers for the burn reward delays that have frustrated the portal for several months.

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Shiba Burn Portal Destroyed Overs 60 Billion SHIB

With a current price of $732,000, the SHIB burn portal remains by far the largest contributor to SHIB burns. Many of the smaller burns continue to take place through the portal, dubbed a more transparent way to burn SHIB.

Some 3440 transactions make up these burns, averaging around 17.8 million SHIB destroyed per transaction. Over 2000 separate wallets have contributed to the burn portal since its launch.

An individual burn still accounts for 16% of this burn. In May, one wallet destroyed a whopping 10 billion SHIB worth $123,000 at the time. This wallet has now burned 11.3 billion SHIB via the portal, accounting for 18.5% of the overall burn.

While the Shiba Inu burn rate has dropped since the April and May heights after the portal first launched, it has remained at a steady 4 billion SHIB per month. In contrast, the burn rate for January and February was around 1.5 billion SHIB. However, the Shiba Inu price was higher during that time.

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However, despite the success of the burn portal, it has since faced pressure and criticism from both the Shiba Inu community and the team for the reward distribution. Ryoshis Vision, the developer of the portal, has had issues with distribution since successfully delivering the first batch of rewards. Manual distribution has started, but with thousands of transactions needed, is taking quite some time.

After the Shiba Inu team published a statement on the situation, Ryoshis Vision responded. It said it is prioritising the fixing of the burn rewards and suspending all other development.

Meanwhile, Shiba Inu development is still going strong. SHIB holders are eagerly anticipating the launch of Shibarium and Shiba Eternity - the newly announced name for the upcoming SHIB mobile game.