Shiba Inu Community Burns Over 1.6 Billion SHIB in April, But Burn Rate Drops Significantly
Shiba Inu enthusiasts burned over 1.69 billion SHIB tokens from circulation in April, according to a recent update from Shibburn, a community-driven burn tracker. While this effort demonstrates community commitment, the overall burn rate has dropped dramatically compared to the previous month.
🔥🔥🔥 1,695,717,536 $SHIB tokens have been burned in the month of April with 204 transactions. #SHIB
Attention: Most of the $SHIB that were burnt this month were being sent to the Contract Address. This isn't due to any big news or anything as many reported… it's just folks… pic.twitter.com/QPk09fWit3
— Shibburn (@shibburn) May 1, 2024
Shiba Inu Burn Activity in April
The 1.69 billion SHIB burned in April represents an estimated value of $37,254. These burns were executed through 204 separate transactions, with the highest activity concentrated on April 13th. Coincidentally, this date aligns with a significant price drop for Shiba Inu, dipping to $0.0000185. Another surge in burn activity occurred around April 20th, with nearly 400 million tokens burned. It’s important to note that most individual burns throughout the month were below 100 million SHIB.
Burn Rate Decline Compared to March
Despite the April burn efforts, the total amount of SHIB burned reflects a concerning trend. Compared to March, the burn rate has plummeted by 89.16%. In March, the community incinerated over 15.64 billion SHIB tokens, valued at more than $547,000. This staggering figure represented a 2,330% increase from the burn rate observed in February, the month with the lowest burn total at just 643 million SHIB. Interestingly, March also coincided with a surge in SHIB’s price, reaching $0.000045 – a level not seen in three years. However, the asset lost more than half its value in April, reflecting the overall bearish sentiment in the cryptocurrency market during that period.
Accidental Burns and Community Education
Shibburn clarified that a substantial portion of the April burns involved SHIB accidentally sent to the Shiba Inu contract address. These unintentional transfers, often fueled by speculation or excitement, resulted in the permanent loss of the tokens for the senders. Shibburn emphasizes that these accidental burns were not a consequence of major news events, as some might have assumed.
To prevent similar mishaps in the future, Shibburn urges the Shiba Inu community to exercise caution and meticulously verify crypto wallet addresses before initiating any transfers. This educational effort aims to ensure that future burn initiatives are intentional and maximize their intended impact on reducing the SHIB circulating supply.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
