The rate at which Shiba Inu (CRYPTO: SHIB) tokens are burned has sped up drastically over the last few months.
What Happened: According to an update from Bigger Entertainment CEO Steven Cooper, 263 billion SHIB tokens worth $6.3 million have been sent to the burn wallet and removed from circulation since October 2021.
263.4 Billion #SHIB have been burned through community initiatives since Oct 2021. Over 6.3 Million dollars at current price. 2 Billion of those were burned in the last 24 hours. Amazing! Way to go #SHIBARMY. We’re stronger together. Lets make it our goal to unite even further.
— Steven Cooper (@iamstevencooper) March 23, 2022
Last week, Benzinga reported that the SHIB burn rate surged 6,700% over a 24 hour period when 745 million SHIB tokens were permanently destroyed.
Why It Matters: The rate at which new SHIB is issued makes it difficult for the token’s price to see any significant increase despite adequate demand.
Removing tokens from SHIB’s circulating supply is seen as a way to help the coin’s price rise at a faster rate.
The developer team behind the Dogecoin (CRYPTO: DOGE) rival cryptocurrency announced last month that they are working on a burn portal that will facilitate regular token burns. A more recent integration with NOWPayments could potentially lead to an even quicker rate of SHIB burns.
The Partnershib Saga continues with @NOWPayments_io x @Shibtoken!
— Shib (@Shibtoken) March 22, 2022
New feature enhancement released!
Merchants select percentages % burns for $SHIB and $LEASH transactions!
Learn more by visiting: https://t.co/tlGKCzonD3 https://t.co/s2ncqB3hyr
Merchants that use NOWPayments’ infrastructure to accept SHIB can choose to allocate a percentage of their profits towards burning SHIB and LEASH (CRYPTO: LEASH).
Using the optional burn feature, merchants can burn up to 100% of the profits from each SHIB transaction, explained NOWPayments in a blog.
See Also: 410 Trillion Shiba Inu Tokens Have Been Burned, Price Remains Stagnant
Price Action: At press time, SHIB was trading at $0.00002461, up 4.92% in the last 24 hours.
