Token burn tracker of the popular meme coin Shiba Inu (SHIB), Shibburn reported the occurrence of 15 Billion SHIB tokens were burned. The elimination of the significant token supply took place within one month, in May. Blaze Token and MARSWAP played a crucial role in the burning of crypto assets.
In the entire month, the Shiba Inu community, popularly known as Shib Army, collectively burned 15,369,335,177 SHIB tokens. Shibburn tweeted that there were 191 different transactions made to achieve the goal.
Given the current Shiba Inu price of 0.00000849, the overall burnt SHIB tokens would be valued to be approx 130,485 USD.
The SHIB burned during May made a notable jump from the overall tokens burnt during the month of April. In April 2023, 3,269,676,832 SHIB tokens were eliminated from the circulating supply, which took 125 separate transactions. In comparison, this month’s burning rate had skyrocketed by 370% since last month.
🔥🔥🔥 15,369,335,177 $SHIB tokens have been burned in the month of May with 191 transactions. #shib
— Shibburn (@shibburn) June 1, 2023
A recently launched community-driven project, Blaze Token, was at the top among the leading SHIB burners. It was launched on May 1, and has reportedly burned 11,557,310,052 tokens in the entire month within five transactions. The largest elimination of the meme coin from the supply by the protocol took place on Monday, May 29, which had 3,601,495,249 tokens.
Another newly launched token on the decentralized exchange ShibaSwap DEX, MARSWAP (MSWAP) was also among the leading burners. Reportedly, it has credit to send over 1.35 Billion SHIB tokens to the dead wallets in hundred individual transactions by May 24.
Only one specific crypto wallet remained consistent in the Shiba Inu tokens burning for this month. The wallet associated with crypto exchange Coinbase, which was given the tag of Coinbase 10, reportedly burned tokens in millions.
https://t.co/9mprSn7YKT
🔥BURN ANNOUNCEMENT 🔥$SHIB BURNT 3,601,495,249 BILLION 🚀🚀🚀$BLZE BURNT 2,164,376,989 BILLION 🚀🚀🚀
TOTAL TO DATE $SHIB BURNT 🔥 11,557,310,052 BILLION 🔥$BLZE BURNT 🔥 10,490,937,468.21 BILLION 🔥
JOIN US TO BURN MORE!!!#SHIBARMY #SHIBBURN
— Blaze Token (@blaze_token) May 29, 2023
Shiba Inu Burn is a community-driven initiative intended to minimize the behemoth circulating supply of the second-biggest meme coin. The community members of the SHIB Army pledge to deliberately send some of the tokens in the dead wallets to diminish them from the token supply. It follows the simple idea of demand and supply: the lesser the token supply, the higher the demand, and the higher the token price.
The community has been consistent in burning the tokens since the initiative started. Though the burning activities of last month were among the significant ones, the SHIB token hardly gained any momentum.
In contrast to over 15 Billion tokens burnt, SHIB’s price lost over 15% within the last 30 days, according to CoinMarketCap data.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/01/shiba-inu-community-celebrates-15b-shib-burn-in-may-2023-370-up/