About $500,000 in Shiba Inu tokens has been burned since the Shiba Inu Burn Portal went live

About $500,000 worth of Shiba Inu (SHIB) has been burned by its community since the Shiba Inu Burn Portal went live.

Shiba Inu

The team behind the "Dogecoin Killer" announced the launch of a burn portal that was set to be included in a new version of Shiba Inu's decentralized exchange ShibaSwap earlier this year.

Aside from this, the team noted that it would make it easier for platform users to burn SHIB on a regular basis and reduce circulating supply.

Archangel, a member of the Shiba Inu team, said at the time that the SHIBArmy should be realistic about the cryptocurrency's burning mechanism and not expect 90% of the circulating supply to be destroyed.

Notably, approximately 41% of the cryptocurrency's supply has already been consumed.

Note that the burn site was launched on April 23 and has already burned approximately 23 billion SHIB.

Those 23 billion SHIB are now worth little more than $480,000, implying that nearly half a million dollars' worth of the meme-inspired money has been destroyed thus far.

It's worth noting that burning tokens removes them from circulation forever by transferring them to a wallet from which they can never be recovered.

Burning tokens is a common practice among projects to lower circulating supply, which, if met with similar or increased demand, could result in a price increase for the token.