Over 410 Trillion SHIB Tokens Worth $5B Have Been Burned So Far

• More than 42 million SHIB tokens have been sent to dead wallets in seven days.
• Total exterminated SHIB is over 410 trillion tokens, worth nearly $5 billion.
• Last month, Binance burned BNB tokens worth over half a billion.

In the past week, over 42 million units of the Shiba Inu (SHIB) meme tokens have been sent to dead wallets, consequently burning the coins, according to the burn tracking website, ShibBurn. In the last 24 hours alone, nearly ten million SHIB coins were burned.

Currently, the total exterminated SHIB stands at over 410 trillion tokens, worth nearly $5 billion, going by the current rate of $0.00001201 per token. Nonetheless, Shiba Inu’s circulating supply exceeds 572 trillion units, with a market share of over $6.6 billion.

Furthermore, the recently launched layer-two blockchain scaling solution Shibarium reaffirmed that every transaction on its network would burn a SHIB token. The Shibarium team said that by implementing this feature, it hopes to significantly impact the circulating amount of the SHIB supply over time.

A few days back, the Terra Classic project Cremation Coin burned over 16 million LUNC tokens, representing the third-largest LUNC burn transaction in January 2023, according to LunaBurnTracker’s data.

Similarly, the largest crypto exchange, Binance, burned over 6.3 billion LUNC tokens a month ago. However, Binance has suspended its LUNC burn mechanism until March, reducing its contributions from trading fees to 50% instead of 100%.

Binance also completed its 22nd BNB burn last month, eradicating around 2.06 million BNB tokens worth over half a billion dollars. The aggressive coin burn was in line with the exchange’s mandate to bring the total amount of Binance Coin in circulation to 100 million.