About 41% of the Overall Supply of Shiba Inu has been Burned

However, many people are unaware that almost 41% of the Shiba Inu token’s overall supply is burned, which means those coins are no longer in circulation, according to Etherscan statistics.

The Overall Supply of Shiba Inu is Burned

According to a list of the cryptocurrency's top ten holders, cryptocurrency sites such as Crypto.com and Binance acquired around 10% of the tokens. 

There are 836,588 token holders in total.

According to its website, the team behind Shiba Inu has secured 50% of the total token supply on Uniswap.

The remaining 50% was given to Ethereum creator Vitalik Buterin, who sent the majority of it - around $1 billion at the time - to a crypto-based COVID-19 relief fund for India. 

He then "burned" the remainder, thus removing the supply from circulation.

Shiba Inu Is Currently The 10th Most Valuable Cryptocurrency

Shiba Inu is an Ethereum-based Dogecoin alternative. According to the coin's 28-page white paper, termed a "woof paper," it was formed in August 2020 by someone going by the name Ryoshi, whose purpose was to break away from "strict societal structures and old attitudes."

The meme-inspired cryptocurrency's improbable climb has rocketed it to a total market capitalization of roughly $37 billion.

As of Thursday, it was the tenth most valued cryptocurrency.

Ethereum Is Up Over 10%, But Shiba Inu Is Down 22%

On October 29, cryptocurrency values are a combination of green and red. The worldwide cryptocurrency market value is $2.63 trillion, up 6.38% from the previous day, while total crypto market volume over the last 24 hours is $176.89 billion, down 4.44%.

Bitcoin's price is at $61,661.25, and its dominance is 44.20%, a 0.67% fall from the previous day.

Shiba Inu, a meme cryptocurrency, has seen its price jump by more than 140% in the previous week. 

It was briefly rated eighth in terms of market capitalization yesterday, significantly ahead of Dogecoin, which was placed tenth.