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Solana Meme Coin Surpasses Shiba Inu in Percentage of Supply Burned
Solana-based meme coin project Catwifhat (CWIF) outpaces Shiba Inu (SHIB) in terms of relative supply burned.
Many crypto enthusiasts consider Shiba Inu the most ‘flammable’ crypto project in the market. This is because the community has permanently removed over 410 trillion SHIB tokens from its supply since its launch in August 2020.
However, Catwifhat recently gained attention as the number-one Solana token extension burn project, having burned a greater percentage of its total supply than Shiba Inu. This indicates that Catwifhat has destroyed a significantly higher portion of its token supply in relative terms.
CWIF Burn
Catwifhat’s official X handle attached data from Grok 3 backing this claim. According to the data, CWIF launched in December 2023 with an initial supply of 77.8 trillion tokens. This comes after the project destroyed over 920 trillion tokens from the initial max supply of 999.99 trillion CWIF.
In addition, the Catwifhat team utilized Solana’s ‘Token-2022 program’ to implement a 4% auto-burn fee on every CWIF transaction. As a result, 4% of each transaction is deducted and sent to a dead wallet, permanently removing those tokens from circulation.
Through this process, CWIF has burned over 47 trillion tokens, representing 60.9% of its initial supply. Currently, the total supply stands at 30.41 trillion, with 30.4 trillion tokens in active circulation.
Shiba Inu Burn
In contrast, Shiba Inu has burned only 41% of its total supply. The leading canine-themed token launched with a max supply of 1 quadrillion in August 2020 and has burned 410.74 trillion tokens so far.
This represents 41% of Shiba Inu’s initial max supply. Shiba Inu now has a max supply of 589.55 trillion SHIB, with nearly 589.25 trillion in circulation.
Notably, while Shiba Inu has burned more tokens, totaling hundreds of trillions, CWIF tops it in terms of the percentage of supply destroyed.
In the meantime, Shiba Inu ranks as the 17th biggest cryptocurrency by market cap, with a valuation of $7.91 billion. CWIF, on the other hand, is valued at $2.78 million, making it the 1,541st token on CoinMarketCap.
Holders of CWIF
As of May 7, over 13,170 blockchain addresses held CWIF tokens worth at least $10, while 1,846 wallets had holdings valued at $100 or more. In addition, 186 addresses held at least $1,000 in CWIF, and the 14,209 boast portfolios valued at $100 million. Interestingly, 2,219 blockchain addresses held CWIF tokens worth at least $1 billion.