Shibarium Updates (@Shibizens) reported that the Shib Torch burn portal has incinerated 713,128,264 (713.12 million) SHIB as of March 18. With Shiba Inu trading at $0.00001251, these burned tokens hold a value of $8,921. Since launching in August 2024, the portal has continued to reduce SHIB’s circulating supply.
Burn Rate Increases 10% in One Week
The portal’s burn activity has intensified, with the burn rate surging by 10.02% in the past week. These burns originate from a portion of Shibarium’s transaction fees. Users pay a base fee to process transactions, and this fee gets locked in a burn contract.
Related article: Shibarium Sees 500% Surge in Wallets—What It Means for SHIB
Users can also add a priority fee to speed up transactions during network congestion, but this goes to validators instead. Of the total base fee, 70%—initially paid in BONE—gets converted to SHIB and burned.
Once the accumulated amount reaches 1,000 BONE (currently worth $220), any user can trigger the burn. At present, 445.93 BONE have accumulated, which will eliminate another 7.83 million SHIB at the current rate.
Impact on Shiba Inu’s Circulating Supply
Although these burns account for only a small portion of SHIB’s circulating supply, they could drive long-term price growth. Reducing the total supply may increase scarcity, potentially boosting Shiba Inu’s value.
Related article: Early Shiba Inu Whales Are Quiet—Here’s Why SHIB Struggles to Break Out
Beyond Shibarium, the community actively contributes to burns by sending SHIB to the official dead wallet. So far, 410.74 trillion SHIB have been destroyed.
In the last 24 hours alone, 15.49 million SHIB burned, pushing the burn rate up by 6.18%. Currently, Shiba Inu has a total supply of 589.25 trillion, with one SHIB valued at $0.00001251.
