Shiba Inu Token Burns Hit Another Milestone
The Shiba Inu community just crossed a new threshold in its token-burning efforts—over 1.3 billion SHIB sent to the burn portal this week. According to the latest update from Shibarium Updates, a community-focused X account, the official burn portal has now destroyed a total of 1,310,871,032 SHIB tokens. That’s a 2.18% increase from the previous week.
It’s not a jaw-dropping number compared to some past burns, but it’s another step in the slow, steady grind to reduce SHIB’s massive supply. And honestly, that’s kind of the point. This isn’t about flashy one-time events—it’s a long-term play.
How the Burn Portal Works
The process isn’t as simple as just clicking a button. ShibTorch, the community-driven burn portal, runs on Shibarium, the project’s Layer-2 network. Burns kick off when enough BONE tokens accumulate, triggering a two-step process. First, the BONE gets bridged to Ethereum’s mainnet. Then, it’s swapped for SHIB and sent to a dead wallet, permanently taking those tokens out of circulation.
It’s a roundabout way to do it, but it seems to be working. So far, the Shiba Inu ecosystem has burned a staggering 410 trillion SHIB—roughly 41% of the original supply. A huge chunk of that came from Ethereum co-founder Vitalik Buterin, who burned 410 trillion SHIB back in 2021 after the project sent them to him (apparently without his consent).
Recent Burn Rates Tell a Different Story
Despite the milestone, the burn rate hasn’t been all that impressive lately. Over the past 24 hours, only about 199,000 SHIB were burned—a 98% drop from recent averages. Weekly burns aren’t much better, sitting at just under 63 million SHIB. That’s a slowdown, no question.
But maybe that’s to be expected. Burns depend on community participation, and interest ebbs and flows. Plus, with SHIB’s price up slightly—1.62% in the last day, hovering around $0.00001162—there might be less urgency to burn tokens right now.
Still, the bigger picture hasn’t changed. The total supply is down to about 589 trillion SHIB, and the community keeps chipping away at it. Whether that translates to real value over time? Well, that’s another conversation. For now, it’s just one burn at a time.
