March was a banner month for the Shiba Inu community, marked by a significant price surge and a whopping 15.64 billion SHIB tokens burned. This aggressive burning campaign represents a 2,330% increase in the monthly burn rate compared to February.
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Over 15 Billion SHIB Sent to the Dead Wallet
Shiba Inu enthusiasts burned a staggering 15,644,329,668 SHIB tokens last month, according to data from Shibburn. This burning process effectively removes tokens from circulation, potentially influencing the token’s price by increasing scarcity. The burn transactions spanned 217 individual events, with the most significant occurring on March 9th. The Shiba Inu ecosystem team initiated two separate burns on that day, totalling 13.4 billion SHIB, likely utilizing a portion of Shibarium gas fees.
🔥🔥🔥 15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj
— Shibburn (@shibburn) April 1, 2024
The community also played a part, burning thousands to millions of SHIB tokens by sending them to a “dead wallet,” an address where they are irretrievable.
2,330% Increase in Burn Rate
The March burn total signifies a monumental rise in Shiba Inu’s burn rate. Compared to February’s meager 643.65 million SHIB burned, March witnessed a colossal 2,330% increase. January also saw a higher burn rate than February, with a total of 9.93 billion SHIB removed from circulation. The lower burn rate in February can be attributed to the absence of Shibarium-powered burns initiated by the Shiba Inu ecosystem team.
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Promising Start to April Burns
Looking ahead, April appears optimistic for SHIB burning. With over 160 million SHIB burned within the first three days of the month, the community seems committed to maintaining the momentum.
SHIB Price Climbs with Burns
The incineration of 15.64 billion SHIB coincided with a significant price increase for the token. SHIB experienced a 145.2% surge in March. However, recent market corrections have caused a slight dip, with SHIB currently down 1.2% over the past 30 days.
Despite the recent pullback, SHIB is still up 12.3% over the past two weeks. While daily and weekly charts show minor losses, the community’s burning efforts and the potential long-term impact of scarcity paint a promising picture for Shiba Inu.
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