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Shiba Inu Community Burn Portal Incinerates 1,003,331,701 SHIB
Shiba Inu Community Burn Portal Incinerates 1,003,331,701 SHIB
May 8, 2025
Shiba Inu community burn portal, Shib Torch, successfully removes over 1 billion SHIB tokens from circulation through incineration. Prominent Shiba Inu community figure Shibarium Updates (@shibizens) alerted the community about the milestone via a recent tweet. Shibarium Updates disclosed that Shib Torch had burned 1,003,331,701 (1 billion) Shiba Inu tokens. At the current price of $0.00001330 per token, the dollar equivalent of these tokens is worth $13,334.
The overall burn from Shib Torch represents a tiny fraction of Shiba Inu’s total supply of 589.5 trillion tokens. Nonetheless, its impact on Shiba Inu’s price is expected to be seen in the long term. As Shiba Inu’s supply declines, its price might experience a spike in the future.
ShibTorch
Community Burn Portal
Total Burned: 1,003,331,701 SHIB
Weekly Change: +4.97% from last weekpic.twitter.com/EJbdzMeUmO
— Shibarium Updates (@Shibizens)May 7, 2025
How Much Shib Torch Burned in Previous Months
The latest update on Shib Torch’s overall burn comes less than two months after The Crypto Basic reported the total burn to be around 713.12 million. At the time, the burn rate saw a 7-day increase of 10.02%. The latest update indicates that the automated burn portal has burned 290,203,437 (290.2 million) SHIB since March 18, 2025.
According to Shibarium Updates, the amount of Shiba Inu tokens burned through Shib Torch represents a 4.97% surge from the figure recorded last week. This rising burn rate indicates growing community engagement on Shibarium.
Shiba Inu Burn Process
It is common knowledge that Shib Torch burns Shiba Inu tokens using a fraction of the fees obtained through Shibarium transactions. Notably, users are required to pay a base fee in BONE to facilitate transactions on Shibarium. However, those who want validators to prioritize their transactions, especially during network congestion, can do so by paying an extra cost, a priority fee, which is allocated to the validator.
On the other hand, the base fee is split into two: 70% for burning SHIB and 30% as the platform’s fee. Prior to the launch of Shib Torch, the team manually burned the 70% base fee after accumulating a significant amount of BONE, which was later converted to Shiba Inu and sent to a dead wallet. This process led to the incineration of around 56 billion SHIB.
However, following the launch of Shib Torch in August 2024, the process was automated. Here, the system holds the 70% base fee in a reserve until it hits a balance of 1,000 BONE tokens. Upon reaching this threshold, any user can initiate the burn, which automatically converts the BONE to SHIB and sends it to the dead wallet.
In the meantime, the burn contract has accumulated 282.79 BONE, currently equivalent to 6,652,294 (6.65 million) Shiba Inu tokens.
BONE accumulated for incineration through Shib Torch
Meanwhile, the broader Shiba Inu community has permanently removed 410.74 trillion SHIB from circulation, bringing the total supply down to 589.55 trillion tokens. Of the 410.74 trillion SHIB, 15.82 million SHIB tokens were incinerated in the past 24 hours in four transactions. This pushed the burn rate to 3,661%.
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