As a little bit of extra information, it's now been exactly 2 days since this comment and the Circulating Supply has increased to 463,419,656 (+148,862) which equates to 521,017 per week. Rounding down to 521,000.

12,000 / 521,000 = approximately 2.3%

So currently, approximately 2.3% of newly minted crypto is burned.

This number sounds more impressive but still feels like a drop in the ocean when considering the existing coins in circulation.

I'm inclined to still conclude that it's probably not achieving much at its current scale.