Shiba Inu burn portal has reached 100 days and many tokens have been burned
Shiba Inu launched their ‘burn portal’ in collaboration with Ryoshi Vision nearly 100 days ago today. Ryoshi Vision runs and maintains the burn portal and promised users ‘burn rewards’ upon its inception. On April 25, 2022, the portal was launched to remove SHIB tokens from circulation while also delivering ‘burn rewards.’ However, the SHIB team recently expressed concern after Ryoshi Vision failed to initiate the rewards. Ryoshi Vision accepted full responsibility for the failure and addressed it, stating that the team is working on initiating rewards. “We accept full responsibility for the delays and are actively working toward a prompt response and resolution,” they said in a tweet.
How many Shiba Inu Tokens were removed from circulation by the ‘Burn Portal’?
The Shiba Inu burn portal removed 61 billion tokens from circulation between April 25 and August 4, 2022. Currently, 2,041 wallet addresses have joined forces to start the ‘burns.’ On the portal, the total price of the SHIB burns combined is $732,531. The burns could reach $1 million by October of this year. Shiba Play, a business arm of SHIB SuperStore, is also regularly ‘burning’ the tokens. The SHIB SuperStore has burned 2.5 billion SHIB tokens totaling nearly $58,791. In addition, many other companies around the world announced that they would burn SHIB from a small portion of their profits. The full list of businesses that regularly burn the dog-themed token can be found here.
Shibarium Has the Potential to Be a Game Changer
According to reports, the upcoming Shibarium layer-2 solution will include a built-in ‘burn portal.’ The L2 network may charge a small fee to initiate transactions, with the proceeds being used to burn SHIB tokens. If the portal works as expected, the number of SHIB burns could skyrocket. As a result, Shibarium could be a game changer for Shiba Inu, increasing its price sustainably through constant burns.
Queenie, a SHIB Discord moderator, previously tweeted a hypothetical calculation that Shibarium could burn trillions of tokens. Queenie’s hypothetical estimations of the SHIB burns can be found here. Shiba Inu was trading at $0.00001185 at press time, down 2% in the previous 24 hours. The canine-themed token is also down 86.2 percent from its all-time high of $0.00008616 in October of last year.
More than 61 billion Shiba Inu tokens have been burned
As the Shib Burn Portal enters its 101st day, over 61 billion tokens have been sent to dead wallets by 2,041 wallet addresses. On the portal, the total price of the SHIB burns combined is $732,531. The burns could total $1 million by October of this year. Shiba Play, a SHIB Super Store business arm, is also regularly ‘burning’ the tokens. As a result, the SHIB SuperStore has burned 2.5 billion SHIB tokens, totaling $58,791. In addition, many other companies around the world announced that they would burn SHIB from a small portion of their profits.