Shiba Inu’s circulating supply continues to see a reduction courtesy of the consistent, massive weekly and daily burning of SHIB tokens. The Shiba Inu team has reduced the minting rate and current flow of the BONE token.
As revealed by Shibburn, more than 1.21 billion SHIB tokens were destroyed in the previous week via 104 transactions. Similarly, another of Shiba Inu’s ecosystem token, BONE, recorded a significant amount of tokens being burned.
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The tracking platform tweeted, “In the last 7 days, there have been a total of 1,217,385,404 $SHIB tokens burned and 104 transactions.
In the last 7 days, there have been a total of 1,217,385,404 $SHIB tokens burned and 104 transactions. #shibarmy
— Shibburn (@shibburn) July 17, 2022
To note, 1CENT Token, a community-led burning project destroyed 300 Bone ShibaSwap (BONE) in the last 7 days. The project as well as Travis Johnson’s SHIB Super Store are among the leading contributors to the SHIB token-burning mission.
While Travis Johnson’s SHIB Super Store used the Shib Burn Portal to burn a total of 48,205,328 SHIB tokens in a single transaction, 1Cent Token, destroyed Shib tokens amounting to 40,007,315 in total. To note, 1Cent runs a weekly burning event for both the governance token of Shibaswap, BONE and SHIB.
Meanwhile, in the last 24 hours, the SHIB burn rate declined by 89.42% with burnt tokens equalling 81,182,176 SHIB.
Related: Top Canadian Exchange Enables Trading For the Shiba Inu Ecosystem Token, BONE
Developments Around Bone Shibaswap Token
Regarding the Bone Shibaswap token, BONE, Team Shiba Inu recently adjusted the token’s current flow and minting rate to 1 BPB (BONE Per Block).
This adjustment aims to prevent the over-minting of the Shiba Inu ecosystem token, thereby maintaining the integrity of the DOGGY DAO voting outcome and the overall ecosystem rewards system.
Recall that the community, through a DAO voting process, agreed to peg the BONE token’s total supply at the 250,000,000 mark instead of 270,000,000.
Out of this total supply of 250 million, 20 million tokens have been earmarked for the operations and validators’ rewards on the upcoming layer 2 solution, the Shibarium protocol.
Therefore, all BONE token farming will be halted when a total of 230 million BONE is minted. Additionally, BONE will be employed as the ‘gas’ of the upcoming Shibarium protocol.
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