In the month of June 2024, the Shiba Inu community made a significant move. They incinerated over 900 million SHIB tokens, permanently removing them from circulation. This data, sourced from the community-driven burn tracker Shibburn, highlights the dedication of Shiba Inu enthusiasts. They burned a total of 918,079,655 (918.07 million) SHIB tokens through 237 transactions.
At the current exchange rate of $0.00001732, these 918.07 million SHIB tokens are valued at $15,901. Such a considerable burn reflects the community’s ongoing commitment to reducing the supply of SHIB and potentially increasing its value.
Among the significant burns in June, one transaction stood out. On June 11, an unknown user transferred over 225 million SHIB to the dead wallet in a single move. Another substantial burn involved 100 million SHIB, conducted by popular community member 1c Dream on June 13.
These notable transactions, along with 235 other burns by community members, brought the total SHIB incinerated in June to 918,079,655. This figure is a marked increase from May, when 369,173,694 (369.17 million) SHIB were burned. This jump signifies a 148.68% month-over-month increase in the burn rate.
29.2 Billion Shiba Inu Destroyed in First Half of 2024
The pace of Shiba Inu burns has gained momentum since the beginning of the year. The community, primarily led by the Shibarium team, destroyed 9.93 billion, 643.65 million, and 15.64 billion SHIB tokens in the first three months of the year. In April and May, 1.69 billion and 369.17 million SHIB were incinerated, respectively.
With the 918.07 million SHIB burned in June, the total amount of tokens permanently removed from circulation in the first half of 2024 stands at 29,208,906,041 (29.2 billion), worth $505,898.
Despite the significant burns recorded in the first half of 2024, the Shiba Inu community continues to bolster the burn rate. A few hours into July, an unidentified user moved 291,475,420 (291.47 million) SHIB to the dead wallet, burning 290,434,205 (290.43 million) SHIB in a single transaction earlier today.
Currently, Shiba Inu’s burn rate has surged 4,677% over the past 24 hours, with 301,686,518 (301.68 million) SHIB destroyed so far. The community’s efforts to reduce the SHIB supply show no signs of slowing down.