Since October 2021, more than 263 billion Shiba Inu ($HIB) coins have been buried, while the cryptocurrency's burn rate – or the rate at which new tokens are burned – continues to rise.
According to Steven Cooper, CEO of Bigger Entertainment, over 263 billion SHIB worth over $6.3 million have been destroyed through community efforts since October 2021, with 2 billion of those tokens burned in just 24 hours.
SHIB's burn rate surged over 6,700% earlier this year after 745 million tokens were burned in a 24-hour period, and continued to rise to over 12,000% following a 1 billion token burn earlier this week.
Since the cryptocurrency's debut, a total of 410.30 trillion SHIB has been burned, according to accessible data.
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.
The Ethereum co-founder then took almost 90% of the SHIB tokens that had been provided to him and burned them, removing over 410 trillion SHIB from circulation.
Since then, the Shiba Inu community has stepped up its attempts to burn SHIB. Bigger Entertainment hosts burn parties, and businesses use a portion of their revenues to burn tokens.
Burning activities are expected to increase in the near future, thanks to a new feature from cryptocurrency payments processor NOWPaments, which allows merchants to utilize a portion of their income to burn either SHIB or $LEASH.