This new development has been eagerly awaited by the SHIB community, particularly as it introduces a mechanism designed to reduce the circulating supply of SHIB, potentially paving the way for future price increases.

Shiba Inu Burn Portal: ShibTorch’s Function and Impact

The burn portal, now operational under the name “ShibTorch,” is a key feature introduced by the Shiba Inu ecosystem team. This portal is designed to allocate a portion of the base fee from each transaction conducted on Shibarium to burn SHIB tokens, effectively removing them from circulation.

The primary goal behind ShibTorch is to address inflationary pressures within the Shiba Inu ecosystem by gradually decreasing the total supply of SHIB.

Since its launch, ShibTorch has successfully burned approximately 3.26 million SHIB tokens, marking the beginning of what the community hopes will be a sustained reduction in the overall supply.

Shiba Inu’s community enthusiasm can be seen in the surge in its burn rate. In the last 24 hours, the SHIB burn rate has risen by 1250.90% as over 28 million SHIB tokens have been burned.

To continue to achieve more substantial burns, there needs to be a significant increase in Shibarium’s adoption, as a higher volume of transactions would generate more fees, leading to greater token burns.

The Potential for Shiba Inu to Reach $0.01

The introduction of the Shibarium burn portal has sparked renewed interest in the long-term price prospects of Shiba Inu, particularly the ambitious goal of reaching $0.01. Some members of the SHIB community have speculated that if ShibTorch could burn up to 100 trillion SHIB tokens annually, it might set the stage for substantial price gains.

Currently, Shiba Inu has a circulating supply of approximately 589 trillion tokens. If the burn portal succeeds in eliminating 100 trillion tokens each year, the supply would decrease to 489 trillion tokens after one year, and 89 trillion after five years.

Even under this optimistic scenario, achieving a price of $0.01 per SHIB would be challenging. At a supply of 89 trillion tokens, Shiba Inu’s market capitalization would need to reach $890 billion, a figure that surpasses the current market cap of Ethereum, one of the most established cryptocurrencies.

However, if the burn rate remains consistent over an additional six-month period, reducing the supply to approximately 33 trillion tokens, the $0.01 price point may become more attainable. With a supply of 33 trillion tokens, a $0.01 price would result in a market capitalization of $330 billion, a figure more within the realm of possibility, though still ambitious.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Long-Term Outlook: A Six-Year Timeline for $0.01

The data suggests that even with the maximum potential impact of the Shibarium burn portal, Shiba Inu’s journey to $0.01 would be a gradual one, likely taking several years.

If the portal consistently burns 100 trillion SHIB tokens annually, it could take until 2030 to reduce the supply to a level where the $0.01 target becomes realistic.

This timeline underscores the importance of sustained community support and continued growth in Shibarium’s adoption to achieve these long-term objectives.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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#SHIBARIUM team member Ragnar tweets that 9.25 trillion $SHIB can be burned this month pic.twitter.com/guwhXQwM9Y

— $SHIB BPP (@ShibBPP) January 6, 2024

Shibarium’s New Automated Burn Portal

Since unveiling plans for Shibarium-powered burns, the Shiba Inu community has been buzzing. While some experts predict massive monthly burns, others have remained skeptical, even with the massive Shibarium-powered burns so far.

In 2022, Queenie, a SHIB moderator on Discord, boldly projected a staggering 111 trillion SHIB to be burnt annually through Shibarium. This figure represents roughly 20% of the circulating supply. If the SHIB community can accomplish this, it could translate to a monthly burn of 9.25 trillion SHIB.

With the Automated Burn Portal, SHIB could reach this goal. Queenie’s analysis sets the burns from ShibaSwap 2.0 and the Decentralized Exchange (DEX) at 44 billion tokens. Doubling that with Shibarium token burns gives 88 billion tokens. The key value in her analysis was the addition of token burns from other mechanisms.

Shibarium’s burn mechanism will operate under pre-defined rules. As detailed in their documentation, 70% of the network’s Base fee will be used to purchase and burn SHIB. However, the tokens don’t disappear into thin air – they wait patiently in a burn contract until it reaches a $25,000 threshold, and then the Automated Burn Portal steps in.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Why Hasn’t Shiba Inu (SHIB) Soared?

Before automation kicks in, the Shibarium team warmed up the engines with four manual burns last month, sending 33.8 billion SHIB to the dead wallet. Although this is little compared to the expected volume, this shows the intent of the devs.

Despite the burn anticipation, SHIB hasn’t replicated the bullish rallies of other cryptocurrencies like SOL. SHIB was consolidating around $0.00001 for a while before falling earlier this week with the rest of the market. Although it recovered, it dropped again and is currently trading at $0.00000982.

However, with the community focused heavily on token burns to raise SHIB’s price, they might be neglecting an important strategy. While token burns are crucial, last year, Shiba Inu’s lead developer warned against relying solely on burning to propel the price. He emphasizes the need for wider Shibarium adoption to send the meme coin to new heights.

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On a monthly basis, billions of SHIB tokens are being sent to dead wallets through different community strategies and this shows no sign of slowing down due to the yearly target they have set for themselves.

According to the latest data released by Shibburn, the tracker of all transactions sent to the inferno wallets, a total of 4.7 billion SHIB tokens were permanently removed from Shiba Inu’s circulating supply. While 1.1 billion tokens were destroyed in seven days and 216.4 million tokens were burned in the last hour.

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SHIB Burned In July, In Seven Days, and Last Hour

As reported by Shibburn, a total of 4,762,745,494 SHIB tokens were burned in July via 505 transactions.

Shibburn tweeted, “4,762,745,494 $SHIB tokens have been burned in the month of July with 505 transactions.”

In the last 7 days, there have been a total of 1,138,338,325 $SHIB tokens burned and 122 transactions. #shibarmy

— Shibburn (@shibburn) July 31, 2022

The SHIB burn tracker also reported that a total of 1,138,338,325 SHIB tokens were destroyed in the last seven days through 122 transactions.

Shibburn tweeted, “In the last 7 days, there have been a total of 1,138,338,325 SHIB tokens burned and 122 transactions.”

In the last 7 days, there have been a total of 1,138,338,325 $SHIB tokens burned and 122 transactions. #shibarmy

— Shibburn (@shibburn) July 31, 2022

The platform also told the Shiba Inu community members that the SHIB burn for the month of August 2022 has already started, as a total of 216,487,142 SHIB tokens are already taken out of circulation.

“In the past 24 hours, there have been a total of 216,487,142 SHIB tokens burned and 32 transactions.”

In the past 24 hours, there have been a total of 216,487,142 $SHIB tokens burned and 32 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) August 1, 2022

It’s also worth noting that the data on SHIB Burn Portal is saying that the active community members have collectively burned over 60 billion SHIB since the launch of the burn portal, through thousands of transactions in the past three months.

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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.

Read Also: Shiba Inu (SHIB) Can Now Be Used To Pay For Uber Eats and DooDash Services

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.

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After the launch of the SHIB Burn Portal in late April, Shiba Army embarked on a SHIB burning spree, resulting in the removal of relatively 8 billion SHIB tokens from the circulating supply within 24 hours.

So, since the initial burn, Shiba Inu community members have collectively destroyed a total of 56,010,002,538 SHIB tokens.

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@theshibdream tweeted, “56,010,002,538 SHIB Now Incinerated in the Shib Burn Portal.”

56,010,002,538 $SHIB Now Incinerated in the Shib Burn Portal. pic.twitter.com/9vGghF32sz

— Shib Dream * Shiba Inu News * ShibArmy.co (@theshibdream) June 26, 2022

Meanwhile, the date of SHIB Burn Portal rewards distribution has been estimated.

As announced by ShibaSwapDex a couple of hours ago, Ryoshi Vision rewards will be distributed to the eligible users in the next two days.

ShibaSwapDex tweeted, “SHIB Burn Portal Rewards Update: Ryoshi Vision rewards will be distributed in the next 48 to 72 hours. We know this has been long awaited for all, and did not expect such delays. We will post another update upon release & completion. Thank you for your patience, and support!”

Read Also: Shibburn: Over 200 Million SHIB Burned in 24 Hours, Burn Rate Surges 162% over the Last Day

Shiba Inu (SHIB) Trading Volume Spikes

According to the data shared by WhaleStats, Shiba Inu (SHIB) continues to face buying pressure from whales as it ranks among the top 10 most purchased tokens by the 2,000 biggest ETH whales in the last 24 hours.

WhaleStats tweeted, “JUST IN: SHIB @Shibtoken now on top 10 purchased tokens among 2000 biggest ETH whales in the last 24hrs.”

JUST IN: $SHIB @Shibtoken now on top 10 purchased tokens among 2000 biggest #ETH whales in the last 24hrs

We've also got $APE, $LINK & $MATIC on the list

Whale leaderboard: https://t.co/R19lKnPlsK#SHIB #whalestats #babywhale #BBW pic.twitter.com/NK18P09sKC

— WhaleStats – BabyWhale ($BBW) (@WhaleStats) June 27, 2022

Presently, the top 5,000 ETH whales are hodling $663,117,830 worth of SHIB. Shiba Inu also remains the biggest token position held by whales. At the time of publication, Shiba Inu was trading down nearly 7.52% at $0.000011, up 33.79% in the past week.

On the 21st of June 2021, Shiba Inu (SHIB) sharply rose more than 45% to become one of the biggest gainers in the crypto market. The Shiba Inu holder count has jumped to 1,189,796, according to WhaleStats, demonstrating growth in June.

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Subsequently, more updates regarding the release and completion of these rewards issuance will be published by the Shibaswap DEX team.

SHIB Burn Portal Rewards Update:

Ryoshi Vision rewards will be distributed in the next 48 to 72 hours.

We know this has been long awaited for all, and did not expect such delays. We will post another update upon release & completion.

Thank you for your patience, and support! pic.twitter.com/bgd3r23HJe

— ShibaSwapDEX (@ShibaSwapDEX) June 26, 2022

SHIB Burn Portal Rewards

Did you know that you can earn passive income just by burning SHIB tokens? 

Using the SHIB burn portal, users can burn their SHIB tokens to help reduce the circulating supply of Shiba Inu, while getting RYOSHI Rewards in return.

According to the developers, “This portal has been built to reward $SHIB burners, with a passive income acknowledgement, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.”

Read Also: Shibburn: Over 200 Million SHIB Burned in 24 Hours, Burn Rate Surges 162% over the Last Day

To note, the SHIB burn portal was built by ShibaSwap DEX in collaboration with the creators of Ryoshis Vision and launched in April 2022.

Ryoshi vision is an ERC-20 token, focused on growing the Shiba Inu ecosystem by introducing actions that can possibly shoot the price of SHIB.

As aforementioned, the SHIB burn portal is designed to reward users for burning SHIB tokens. To burn, tokens are sent to a burn address (a certain wallet where transferred-in tokens cannot be retrieved). SHIB tokens sent to the burn address are called $burntSHIB.

More so, it is worthy of note that;

“The portal has been constructed with a fully flexible, and extensible system, inviting all tokens that want to offer rewards to those who choose to burn their $SHIB tokens.

In other words, any project can use the Shiba Burn Smart Contract in order to create a “BURN Pool” and to offer rewards for burning $SHIB tokens.”

See Also: Shiba Inu (SHIB) Supported as Cardenas Markets Welcomes Crypto ATMs

Shiba Inu Burn Rate Surges

Following the launch of the SHIB burn portal on April 23, the circulating supply of the dog-themed memecoin has been reduced drastically. 

Recently, the Shib burn rate has continued to spike. In May 2022, a record was set by the Shiba Inu community as they jointly burned a total of 31.05 billion SHIB tokens via 1331 separate transactions. On June 21, over 200 million SHIB tokens were burned in just 24 hours.

On the whole, burning aims to give Shiba Inu some level of scarcity. While scarcity could bring about an increase in the price of crypto tokens, it is not always guaranteed.

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Over 200 Million SHIB Tokens Burned in 24 Hours

According to the recent report posted by Shibburn, the Shiba Inu Army collectively burned a total of 216,301,162 SHIB tokens in the last 24 hours via 15 transactions.

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Shibburn tweeted, “In the past 24 hours, there have been a total of 216,301,162 SHIB tokens burned and 15 transactions.”

In the past 24 hours, there have been a total of 216,301,162 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) June 21, 2022

Read Also: Analytics Firm: Shiba Inu (SHIB) Could Reach $5 by 2050

SHIB Burn Rate Surges 162% over the Last Day

Data also revealed that there was an increase in the number of SHIB tokens destroyed per day. The burn rate reportedly surged by 162.98% over the last 24 hours.

Over 100 Million SHIB Burned Between 1Cent and ETH Shiba

According to 1Cent and ETH Shiba, the weekly SHIB burn event was held as usual and over 100 million SHIB tokens were burned between them via one transaction each.

1Cent organized its weekly burn event on the 20th of June, resulting in the destruction of 52,170,994 SHIB tokens in one transaction.

Another week, another burn

52,170,994 $SHIB token burnedhttps://t.co/DHvNDHYkfW@shibainuart @1CentEcosystem @shibburn @ShibaInuSwap #shibarmy #1centecosystem #burnshiba pic.twitter.com/mkStfzqAIg

— 1Cent (@1Cent_token) June 20, 2022

Based on the update on 1Cent’s official website, a total of 2,546,766,448 SHIB tokens have been permanently removed from Shiba Inu’s circulating supply via 16 transactions since the 14th of March 2022.

Read Also: Shiba Inu (SHIB) Discussed On a Very Popular FM Radio Channel in Argentina

Similarly, ETH SHIBA destroyed a total of 50 million SHIB through the weekly SHIB burn event conducted on Monday. According to the report, the whopping burn played out via a single transaction using the SHIB Burn Portal powered by Ryoshi Vision.

BURNT 50 Million $SHIB!https://t.co/fVrVHHwzvq#ETHSHIB #ETHSHIBFAM pic.twitter.com/bqNDaT2BCU

— ETH SHIBA (@eth_shiba) June 21, 2022

So far, ETH SHIBA has managed to burn a total of 2.45 billion tokens through its weekly burn event. ETH SHIBA was launched in March as a mechanism to continuously destroy Shiba Inu tokens.

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The new monthly burn record of over 31 billion SHIB tokens can be attributed to the recently introduced ShibaBurn Rewards.

Read Also: Ryoshi Deletes All Tweets and Medium Posts. Has Shiba Inu Founder Gone For Good?

31.05 Billion SHIB Tokens Burned In May 2022

According to the report shared by Shibburn, the tracker of all SHIB tokens sent to inferno wallets, the Shiba Inu community jointly burned a total of 31,059,157,423 SHIB tokens in the month of May 2022 via 1331 separate transactions.

This new figure destroyed represents the record monthly burn for SHIB tokens. The figure is 18% higher than the one recorded in April 2022.

Shibburn.com tweeted, “31,059,157,423 SHIB tokens have been burned in the month of May with 1,331 transactions.”

31,059,157,423 $SHIB tokens have been burned in the month of May with 1,331 transactions. #shibarmy

— Shibburn (@shibburn) June 1, 2022

SHIB Burn Rate Rose Sharply after Ryoshis Vision Announced the Start of Burn Reward Distribution

It should be noted that after Ryoshis Vision announced the start of burn reward distribution on the 17th of May 2022, the SHIB burn rate began a very sharp increase.

Read Also: Shiba Inu (SHIB) Can Now Be Used To Book 2.3 Million Hotels and Over 450 Airlines via Latest Partnership

According to Shibburn, within 24 hours on 18th May 2022, the SHIB burn rate spiked 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.

According to the report, only those who burned SHIB via the Shiba Inu burn portal launched in April will receive rewards in form of $RYOSHI.

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According to the number on the SHIB burn portal, over 50 billion SHIB tokens have been destroyed since the project was launched on the 23rd of April 2022.

Read Also: Ethereum Whale Gimli Scoops Up another 110 Billion Shiba Inu Tokens worth $3.6 Million

Ryoshis Vision Reward Distribution Boosts Community Trust in the Burn initiative

In a tweet on 17th May 2022, Ryoshis Vision announced that the first distribution of ShibaBurn rewards has been rolled out. The report says only those who burned SHIB tokens via the burn portal and are holding $burntSHIB are being rewarded with RYOSHI

Ryoshi Vision announced:

“The first distribution of ShibaBurn Rewards are out now. For those who burned $SHIB trough the burn portal and are holding $burntSHIB your rewards are available now.”

Immediately after the announcement members of the Shiba community started burning SHIB tokens in billions to earn passive income. The massive increase in SHIB burn after the announcement shows that the community’s trust in the burn initiative has significantly increased.

Read Also: 26.1 Billion SHIB Burned In April, Shiba Inu Community Says This Is Just the Beginning

Highest Single Transaction Burn of 10 Billion SHIB Recorded after the Announcement

As reported by Shibburn, the platform that tracks all transactions of SHIB tokens to dead wallets, a few hours after Ryoshis Vision announced the start of rewards distribution to SHIB token burners, the highest single transaction burn of 10 billion SHIB tokens was recorded.

Ever since, the SHIB burn rate has been steadily growing, boosting the hope of destroying a reasonable part of the gargantuan supply of Shiba Inu (SHIB) by the end of the year.

The burn initiative was initially introduced to drastically reduce the circulating supply of SHIB, which would in turn boost the market value of the digital currency.

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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.

Rewards Announcement

The first distribution of ShibaBurn Rewards are out now.

For those who burned $SHIB trough the burn portal and are holding $burntSHIB your rewards are available now.

Check your balance https://t.co/trkX7sBEWu#RyoshisVision #ShibaSwap #Together pic.twitter.com/ocldV4dBKZ

— Ryoshis Vision (@Ryoshis_Vision) May 17, 2022

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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