Following the increased burn rate, SHIB grew nearly 10% and added 28,000 new holders since April. Despite the astounding figure of 22 billion, all these burned tokens are worth just shy of $279,281.
The spike on May 18 can be due to the fact that the day before, ShibBurn started rewarding burners with burntSHIB tokens, which give its holders the right to 0.49% of all RYOSHI token transactions.
“The actual problem with the Shiba token is a big one. There are too many units of it, 999,992,188,828,143.538054853285409628 to be exact,” the ShibBurn website reads. The $0.01 price, which is the ultimate goal for the Shiba Inu community, can’t be reached unless the number of existing tokens is reduced to 57,743,718,490,800. That figure is only 10% of the actual circulating supply.
There are many ways to burn SHIB. The most conventional one is sending them to the dead address like Vitalik Buterin did with 40% of all Shiba Inu tokens sent to him by the creators. However, that would mean losing them forever. If you don’t want to destroy your tokens, you can still accelerate burning by streaming a playlist on Spotify or playing mobile games.
