• Shiba Inu's new burning mechanism is called Shiba Burn portal
  • The burn portal helps investors burn tokens easily
  • Shiba Inu is trading down 8.38 percent at $0.00001735

The new Shiba Burn portal has greatly reduced the circulating supply of the dog-themed altcoin and has, by far, burnt over 26 billion tokens, which is equivalent to almost $500,000 based on the prevailing price.

The Shiba Inu community, more popularly known as the Shiba Army, proved it can accomplish many great things if members work together to reach a common goal. Just a couple of weeks after the official launch of the new Shiba Burn portal, the community has burned over 26 billion SHIB tokens.

Ever since the burn portal's launch, the community burned 20 billion a week but has since slowed down. In April alone, the community burned "26,109,968,050 SHIB tokens," according to the Twitter handle named shibaburned.

Shiba Inu
The ShibArmy is made up of talented individuals who have united to build something remarkable, and we support this by cultivating an environment which encourages creativity and growth. Shiba Inu Token Official Website

They also revealed that out of the 26 billion burned tokens, 22 billion were destroyed using the new Shiba Burn portal. At present, the dog-themed altcoin has 549,063.28B SHIB in circulation after starting off with one quadrillion tokens at launch.

While the burn rate is already impressive, it is still minimal and the community needs to double its efforts if they want the burning to impact the price of SHIB. Weeks after the launch of the new burn portal, the burn rate slowed down, but compared to last year, it still remains high.

Last year, Shiba Inu had no burning mechanism in place. So, the tokens were sent to Vitalik Buterin and the development team held several burn parties via Bigger Entertainment to reduce the token's circulating supply. The new burning mechanism is also set to drop rewards for SHIB burners, which is scheduled for March 17.

The development team also said that it plans to launch more burning activities through various apps and partnerships. The highly anticipated Shibarium, which is the Layer-2 network of the dog-themed altcoin, will also have a burning mechanism but details about this are still scarce at the moment.

Shiba Inu was trading down 8.38 percent at $0.00001735 with a 24-hour volume of $615,721,159 as of 5:10 a.m. ET on Monday based on the data from CoinMarketCap.