Massive burns will require a true community effort and we are working towards it on many levels. Will take time and I hope the timing works out perfect!
— Shytoshi Kusama™ (@ShytoshiKusama) July 18, 2022
It has been told by Shibburn that in the last 24 hours, 7 crore 62 lakh 75 thousand 825 SHIB tokens have been burnt and 16 transactions have been done. Accordingly, it may take about two weeks (14 days) to burn 1 billion coins and it may take a long time to burn 1 trillion tokens.
The community effort that the lead developer of the Shiba Inu spoke of can speed up the burn. However, over 1 billion SHIB tokens have been burned in the last seven days and the rate remains almost constant. Currently, the Shiba Inu has a total supply of 589,626,233,367,020, with 557 trillion SHIB tokens in circulating supply and a market cap of $6.2 billion.
what are dead wallets
Dead wallets are wallets that are not in use. The tokens contained in them cannot be sent or withdrawn to any other wallet. After being sent to these wallets, the tokens go out of circulation and the total supply of tokens decreases. The Shiba Inu team recently launched a new burning portal, with the aim of burning as many tokens as possible out of circulation. The project is also giving rewards for burning tokens. Obviously, the intention of burning a large number of tokens is to drive up the price of SHIB over a long period of time.
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