The Shiba Inu Burn Portal has already surpassed the total SHIB burned in the first stages of 2022, despite having only launched on April 23.
In just over two days, the burn portal has facilitated the destruction of over 16 billion SHIB. From January to April 22, the total SHIB burn was just 12.7 billion SHIB.
Here’s a closer look at the Shiba Inu Burn Portal’s impressive rise.
Shiba Burn Portal Destroys 16 Billion SHIB
With March’s 6 billion SHIB burn being a record-breaking month for the burning community, very few would have expected the end of April to proliferate the Shiba burns so quickly.
The burn portal sends SHIB to one of the three dead wallets, which has already received over 1100 individual burns since the portal went live on April 23. The largest individual burn through the portal came on April 25. One address burned 1.32 billion SHIB - worth $32,000. Meanwhile, the average SHIB burn through the portal was 13,968,761 SHIB.
While a large number of these burns saw users destroy SHIB currently held in their wallets, the ‘Buy and Burn’ feature on the SHIB portal was also fairly popular. Allowing users to buy SHIB through the portal to then destroy it, 382 burns have taken place this way, for 2.9 billion SHIB.
Based on the new burntSHIB token, 911 addresses have contributed to the burn.
One of the possible explanations for this burn amount could be the incentives it gives SHIB holders through passive income. Burning through the portal makes you eligible for RYOSHI rewards, based on your percentage of the burn pool.
This could explain this initial rush of burns while the pool remains smaller. However, this also means future burns will become less lucrative as the pool grows.
Another explanation could be that this more official burning location has revitalised the SHIB burning community. The Shiba developers have been somewhat lukewarm to SHIB burns in the past, preferring utility as a price driver.
However, with the community demand for burns ever-growing, a burn portal could signal a changing of stance from the team. Indeed, this may perhaps sway some more sceptical of these burns to consider destroying their tokens.