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.