Over 41% of the total supply of Shiba Inu has been burned so far as the SHIB community keeps coming up with new initiatives to burn SHIB.
The rate at which new SHIB tokens are issued remains a key point of concern for holders who are particularly interested in seeing the memecoins’ price appreciate. Some members of the community have taken it upon themselves to “burn” SHIB tokens and essentially remove some existing tokens out of circulation forever.
One such initiative was Bigger Entertainment’s Spotify Technology SA SPOT +0.11% + Free Alerts playlist that burns 20 SHIB for every song streamed. The “SHIB BURNER” playlist has a total of 397 songs, which amounts to around 23 hours of music. Bigger Entertainment artists have reportedly allowed the company use 20% of the royalties to buy and burn SHIB and hence take it out of circulation. Shiba Coffee Company sells fresh coffees starting at $16.99 and use 10% of their profits to burn SHIB.
According to data from token burning tracking platform Shibburn, a total of 410.29 trillion SHIB have been burned since the cryptocurrency was launched. Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while another half were sent to Ethereum co-founder Vitalik Buterin.
Buterin took a large amount of SHIB, at the time $1 billion in the cryptocurrency, and donated it to the COVID Crypto Relief Fund in India, along with significant amounts of other meme-inspired cryptoassets including Dogelon Mars.
With Buterik being out of SHIB, future burn is going to be a much more laborious process. However, his one-time eradication of 41% of the supply was a nice jump start and over time it appears the supply will continue to be chipped away at. That combined with finding utility for existing SHIB will help dictate the future of a coin that has increased in price from around $0.00000000007 to the current $0.000036 over the past year. Currently SHIB has a market cap of around $20 billion, making it TOP 10 most valuable crypto.