Following the announcement of the start of Shiba Inu Burn Reward distribution by Ryoshis Vision, the rate at which SHIB tokens are being burned has surged significantly.
According to Shibburn, within 24 hours on 18th May 2022, the SHIB burn rate spikes by over 5000%, recording its biggest single transaction burn of 10 billion SHIB tokens in the process.
Within the aforementioned period, the Shiba Inu community managed to burn about 12.8 billion SHIB tokens.
Read Also: Shiba Inu Adds 15,000 New Holders within a Week As Interest in SHIB Keeps Surging
According to Ryoshis Vision in the tweet, the first distribution of ShibaBurn Rewards is out now. The rewards for those who burned SHIB via the burn portal and are holding $burntSHIB are now available.
The team behind the dog-themed crypto project launched the SHIB burn portal on the 23rd of April 2022. From the day the burn portal was launched to when rewards distribution started, ShibArmy managed to burn a total of 29.5 billion SHIB. The figure rapidly spiked after the rewards distribution announcement. The figure now stands at 42.4 billion tokens at the time of press.
According to data provided by Etherscan, the SHIB burning address that destroyed 1.3 billion tokens received 119 billion RYOSHI worth relatively $6,500. For holders who burn their SHIB tokens to claim their rewards, they must “WOOF” them. This will lock them in for a period of time. This measure is put in place to likely prevent holders from selling their RYOSHI immediately.
Read Also: Lead SHIB Developer Updates Shiba Inu Community on the Deal that Would “Break the Internet”
Since the launch of Shiba Inu, a total of 410.35 trillion SHIB tokens have been destroyed. At launch, SHIB had a total supply of one quadrillion tokens, but over 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while the rest were gifted to Vitalik Buterin, the co-founder of Ethereum blockchain.
After receiving the whopping gift from the Shiba Inu team, Buterin sent 90% of the SHIB tokens to a dead wallet, where it will remain permanently inaccessible. This unusual action removed over 410 trillion SHIB from the gargantuan circulating supply, which likely led to the massive spike in the price of SHIB afterward.
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