1,254,539,419 SHIB Goes Up in Smoke But Total Supply Hardly Dented

The Shibarium Updates X account linked to the Shiba Inu team has published an update regarding the SHIB burns conducted on Shibarium during the past week.

Ultimately, more than a billion meme coins were transferred out of circulation. Still, the bulk of SHIB that continues to circulate in the market remains close to half quadrillion.

1,254,539,419 SHIB coins up in flames

According to the “ShibTorch update” published by the aforementioned account, “SHIB is vanishing fast” through the Community Burn Portal powered by the layer-2 solution, Shibarium.

The update revealed that during the past week, the Shiba Inu community has managed to burn a whopping 1,254,539,419 SHIB meme coins through this portal, which constitutes a 5.69% increase compared to the week before.

Four major burns have taken place recently, contributing to the removal of the 1.2 billion SHIB from the circulating supply. They carried 15.87 million, 14.57 million, 15.06 million, and 21.79 million SHIB.

After the recent upgrade announced by the SHIB team earlier today, SHIB burns will become even more efficient and seamless, the SHIB marketing lead, Lucie, promised. The SHIB burn portal already works automatically, burning SHIB after a certain amount of BONE Shibarium fees is converted into it. But now, Lucie stated in her tweet, every single activity on Shibarium - “swaps, liquidity actions, and other uses” – will launch live burns automatically.

The overall amount of burned SHIB coins, according to the Shibburn website, stands at 410,748,895,532,230 SHIB.