Nearly 60 billion Shiba Inu Tokens have been burned since the launch of the portal.

The current number of Shiba Inu in circulation has been significantly reduced thanks to a new mining portal that has been in place since April.

According to the ShibBurn website, more than 22.2 billion SHIB had been burned in the previous seven days until May 22. The value of this quantity of burnt SHIB is approximately $279,281 SHIB.

It is estimated that 500 transactions are required to trade this massive amount of SHIB. The burning of SHIB is still steadily increasing. In addition, Twitter user Shiba Archives shared a tweet published on May 26 that “we have burned 60 billion SHIBs since the portal’s launch.”

More and more businesses are accepting payments with Shiba Inu. Thousands of restaurants and hotels in more than 60 countries will take SHIB, thanks to the collaboration between Lavu and Verifone. In addition, SHIB is also used as a payment method for airline tickets.

Regarding the burn’s effect on the price, things may not be so simple. When looking at SHIB’s performance since the launch of ShibSwap in April, we see that SHIB’s price has dropped by nearly 50%.

This, however, might have nothing to do with SHIB’s performance, as most cryptocurrencies have fallen quite a bit over the last month or so.

SHIB’s burn rate seems to increase significantly over the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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