Shiba Inu Community Burns 2,378,422,108 SHIB in September as Monthly Burn Rate Spikes 249%

The broader Shiba Inu community removed over 2.37 billion SHIB tokens from circulation amid the burn campaign in September. 

Data from Shibburn, a community-driven Shiba Inu burn tracker, confirms that 2,378,422,108 (2.37 billion) SHIB tokens were burned in 131 transactions last month. 

🔥🔥🔥 2,378,422,108 $SHIB tokens have been burned in the month of September with 131 transactions. #SHIB pic.twitter.com/5k5hw6jlyH

— Shibburn (@shibburn) October 1, 2024

Monthly Burn Rate Soars 249% 

With Shiba Inu currently trading for $0.00001672, the dollar equivalent of the 2.37 billion tokens destroyed last month stands at $39,767 at the reporting time.

Following the incineration of 2.37 billion SHIB, Shiba Inu’s monthly burn rate spiked 249.36%. This indicates that the amount of SHIB burned in September represents a 249.36% increment from the total burn the community recorded in August. 

As reported earlier, the Shiba Inu community destroyed only 681 million SHIB in August across six transactions.  

Top SHIB Burns Recorded in September 

Although the community destroyed the tokens through 131 transactions, a Binance-linked wallet initiated the majority of the burn late into the month.

The Crypto Basic reported that the unknown user behind the wallet burned 1,872,037,807 (1.87 billion) Shiba Inu in a single transaction on September 26. At the time, the tokens were worth $35,643. 

This single transaction accounts for 78.7% of the total burns recorded in September. Furthermore, another significant burn recorded last month involved the incineration of 250 million SHIB on September 1. The team behind the Living The Dream (LTD) project initiated this burn as part of its Shib Burn Series campaign. 

On September 16, an unknown Shiba Inu wallet moved 25 million SHIB worth $332 to the cryptocurrency’s official dead wallet. 

Overall, the incineration of the 2.37 billion tokens last month was part of efforts to reduce Shiba Inu’s circulating supply. The community hopes to boost SHIB’s price, which is currently trading at $0.00001672. 

Only 2.3M SHIB Burned in October, as Daily Burn Rate Plunges by 92%

Overall, Shiba Inu community members have drastically reduced SHIB’s supply by a whopping 41%, representing 410.73 trillion tokens. Meanwhile, in contrast to September, October did not have a strong start in terms of Shiba Inu burns. 

This month began with the incineration of 2,941 SHIB tokens. So far, a total of 2,302,941 SHIB ($38.5) has been destroyed this month across three transactions. At press time, Shiba Inu’s burn rate is down 92.2% over the past 24 hours.