A look at on-chain data reveals that the total number of Shiba Inu (SHIB) burnt tokens has surpassed the aggregate market capitalization of MATIC. Following the largest one-time SHIB burn executed by Vitalik Buterin, coupled with the rollout of the Shiba Inu Burn Portal, over 410 trillion SHIB tokens (estimated to be worth over $4 billion) have been destroyed so far.
Massive SHIB Burn
Lately, the Shiba Inu community has been very interested and focused on reducing the memecoin’s circulating supply. According to Shibburn, a platform that tracks the details of SHIB tokens destroyed, the total burnt tokens from the memecoin’s initial supply amounts to a whopping 410,371,727,918,931 tokens, at press time.
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This huge number of destroyed Shiba Inu tokens has been achieved courtesy of burnings from individual holders who seek to earn the burn portal rewards (Ryoshi Rewards) and the many businesses as well as entities that have adopted the token.
Comparatively, the total market capitalization of MATIC (polygon) sits at approximately $3.74 billion, at the time of writing. Whereas the amount of SHIB tokens burnt so far is estimated to be about $4 billion.
More so, Shiba Inu, the popular dog-themed coin, ranks above MATIC on Coinmarketcap with a total market capitalization of $5.6 billion. Regardless, MATIC has a higher price value than Shiba Inu. The memecoin’s low price value could be attributed to its excessive total supply compared to MATIC’s moderate total supply.
In a bid to reduce the circulating supply of Shiba Inu (SHIB) and in an attempt to push the token’s price higher, the community decided to launch the burn portal. Interestingly, the initiative continues to record huge successes as more and more SHIB tokens are sent to dead wallets daily.