Popular meme coin, Shiba Inu, has seen over 20 Billion units of its token burnt by its newly launched Shiba Inu burn portal.
The portal was launched earlier this month and has recorded over 1500 transactions that had burned SHIBs worth approximately $455,000.
A breakdown of this burning process indicates that the Shiba Inu burn portal has been used by roughly 1203 users, with an average transaction burning around 14 million units of the meme coin.
A more cursory look would reveal that of the top 10 burn contributions, nine of them happened within the first 48 hours of the launch. This indicates that the enthusiasm surrounding the portal launch might be wearing out as we have seen fewer burns since then.
7.2 billion SHIB was burned on 24 April – the top day for SHIB burns. On 27 April, the portal recorded a burn of just 785 million SHIBs, but this number jumped to 1.6bn SHIB the following day as it was helped by three burns for over 100 million SHIB each.
MetaMask is the most popular choice for burning Shiba Inu, but around one-third of the transactions have taken advantage of the Buy and Burn method.
Welly Joins Burn, Offers Shiba Inu Community 15% Stake
Popular Shiba Inu-themed burger joint, Welly, in a slew of recent developments, has revealed that it would also join in helping to burn the meme coin.
The company also revealed that it would be giving the Shiba Inu community a 15% stake in its business —a business that has enjoyed enormous growth after it rebranded to the token.
Welly continued that the SHIB community would be able to earn from its activities, and that community would also have the right to decide on whether its earnings should be burnt or used for any other purpose of their choice.
According to the firm, all of these are geared towards ensuring the scarcity of the Shiba Inu token and also driving its popularity and adoption.