Shiba Inu Community Incinerates Over 237M SHIB Tokens In September
The data from Shibburn, a community-driven Shiba Inu burn tracker, indicates that 2.37 billion SHIB tokens were burned in 131 transactions last month. With Shiba Inu trading at $0.00001672, the dollar value of the 2.37 billion tokens destroyed stands at $39,767 at the time of reporting.
SHIB Burn Rate Spikes
The monthly burn rate for Shiba Inu surged by 249.36% following the incineration of 2.37 billion SHIB. This increase represents a significant increment from the total burn recorded in August, where only 681 million SHIB were destroyed across six transactions.
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Notably, a Binance-linked wallet initiated the majority of the burns late in the month, with an unknown user burning 1.87 billion Shiba Inu in a single transaction on September 26. This single transaction accounted for 78.7% of the total burns recorded in September.
Additionally, another significant burn involved the incineration of 250 million SHIB on September 1, initiated as part of the Shib Burn Series campaign by the Living The Dream (LTD) project. The incineration of 2.37 billion tokens last month was part of efforts to reduce Shiba Inu’s circulating supply, with the aim of boosting SHIB’s price, currently trading at $0.00001672.
In contrast, only 2.3M SHIB have been burned in October, with the daily burn rate plunging by 92%. Overall, the Shiba Inu community has reduced SHIB’s supply by 41%, representing 410.73 trillion tokens. However, October did not start strongly in terms of Shiba Inu burns, with only 2,941 SHIB tokens ($38.5) destroyed so far across three transactions. At present, Shiba Inu’s burn rate is down 92.2% over the past 24 hours.
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