The Shiba Inu community has been burning SHIB tokens regularly by transferring them into dead wallets. In effect, the token’s circulating supply has been on a constant decline.
Alongside the price inclination over the past day, the burn rate has also massively shot up. As per data from Shibaburn, a total of 306,104,347 Shiba Inu tokens had been burnt in a series of 30 transactions in the past 24 hours.
Additionally, as per the same burn tracker, one of the largest burns of this year was executed yesterday, on 14 February. The snapshot attached below illustrates the same.
Shiba Inu has Cooper’s blessings
Out of the aforementioned 306.1 million Shiba Inu tokens that were locked in dead wallets permanently, the biggest chunk was moved to one of these addresses by Bigger Entertainment crypto record label and its CEO Steven Cooper.
During the scheduled burn party that took place on Valentine’s Day, they destroyed a total of 240,192,701 tokens during a live YouTube stream.
Before the burn-party on 14 February, Cooper took to Twitter to proclaim that close to one billion Shiba Inu tokens would be burned overall this week.
Today, i.e. 15 February, gaming platform @317_key is set to burn approximately 500 million Shiba Inu tokens through one of its mobile phone games, Bricks Buster. Per the platform’s tweet, the exact number of SHIB set to be burnt today is 415.555 million.
Cooper also went on to urge the community to strive to make one billion, two billion next week.
Great job #shibarmy! Over 131 Mil #shib sent direct to dead wallet this week. We'll burn 240 Mil tomorrow during the burn party. Bricks Buster will burn 500 Mil on the 15th. Right around 1 BILLION for the week. Some said that was impossible. Let's go for 2 BILLION next!— Steven Cooper (@iamstevencooper) February 14, 2022
Despite the burn rates picking up pace, people from the community continue to remain skeptical and keep highlighting that at least one trillion tokens ought to be burnt every week to see better results. Replying to one such comment, Cooper said,
“I understand this. People in the beginning thought 100 Million a week wasn’t doable. Now we’re nearing the Billion mark. The goal is to follow baby steps and build this one week at a time.”
Credit : LINK