1,310,871,032 Shib slash on Shiba inu supply, what is going on?

According to the latest update by Shibarium-focused Community X account, Shibarium Updates, a total of 1,310,871,032 Shib Tokens have been burned through the official Shiba Inu community burn portal, marking the project's ongoing efforts to reduce supply and increase supply values ​​over time.

This milestone demonstrates the commitment of the Siv community and continues to contribute to the burning of tokens.

The 1,310,871,032 Shib burned by the Shib Community Burn Portal shows that the Shiba Inu project is playing a long game and is building towards a more rare and potentially valuable ecosystem.

Shibtorch, a Shiba Inu community-driven Burn Portal, is based on the Shibarium Layer-2 network, allowing for community-driven deflation. This process, promoted via Shibtorch, is a two-stage problem that begins in the waveguide when certain levels of accumulated bone cause the onset of burns. The bones are then bridged to the Ethereum mainnet (L1) and replaced with Shiv. Finally, these shiv tokens are permanently removed from the circulation, resulting in a lower total shiv supply.

A total of 410,750,168,738,930 Shivs burned

According to the Shibburn website, a total of 410,750,168,738,930 SHIBs have been permanently removed from the circulation. This represents more than 41% of the initial supply of one quadrion token by dog ​​coin.

In May 2021, Ethereum co-founder Vitalik Buterin burned 410 trillion Shib Tokens, accounting for 90% of Shibs enthusiastically received from the Shiba Inu project.

The total supply of Shiba Inu is currently at 589,249,836,126,910 Shib. However, in the last 24 hours, 199,379 Shivs have been burned, bringing down the daily burn rate per data from Shivburn on Sheebaan Burn trackers by 98.46%. Over the past seven days, 62,923,173 shivs have been burned, marking a decrease in weekly burn rates.

At the time of writing, Shiv had risen 1.62% over the past 24 hours to $0.00001162.