Data shows that 22 billion Shiba Inu ($SHIB) were burned in the last week

According to data from tracking site Shibburn, almost 22 billion Shiba Inu ($SHIB) tokens were burned in roughly 500 transactions during the past week.

After ShibaSwap's burn portal began giving $RYOSHI prizes to users burning tokens, the meme-inspired cryptocurrency's burn rate jumped 800% to a new daily high of 12.8 billion tokens.

Users that burn tokens using the burn portal receive $burntSHIB, which may be used to purchase RYOSHI.

SHIB holders will be rewarded with tokens if they burn their tokens, reducing the cryptocurrency's supply. Over $270,000 worth of fuel has been burned in the last week.

On April 23, the company behind the meme-inspired cryptocurrency released the burn portal, and the SHIBArmy burned about 29.5 billion $SHIB from that point until prizes were given.

The total had risen to 50.7 billion tokens at the time of writing, after awards began to be awarded earlier this week.

Since the cryptocurrency's inception, a total of 410.36 trillion SHIB has been burned. Shiba Inu has a total supply of one quadrillion tokens

But half of them were locked in a smart contract to provide liquidity on the decentralized market Uniswap, and the other half were sent to Vitalik Buterin, the co-founder of Ethereum.

In a transaction that withdrew over 410 trillion SHIB from circulation, the Ethereum co-founder seized around 90% of the tokens provided to him and torched them.