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Shiba Inu Community Burns 900M SHIB in June 2024

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SHIB Burns Surge: Two Whales Transformed the Shiba Inu Market

The Shiba Inu community burned over 900 million SHIB tokens in June 2024, according to on-chain data from Shibburn, a community-driven burn tracker. Specifically, enthusiasts incinerated 918,079,655 SHIB tokens across 237 transactions last month, permanently removing them from circulation. At the current exchange rate of $0.00001732, these tokens are valued at $15,901.

One notable burn involved a transfer of over 225 million SHIB to a dead wallet. An unknown user initiated this burn on June 11 in a single transaction. Another significant burn occurred on June 13 when popular community member 1c Dream burned 100 million SHIB. These major transactions, combined with 235 others from community members, pushed the total number of SHIB burned in June to 918,079,655.

Related article: Can Shiba Inu (SHIB) Rebound in July? Here’s What History Says 

Increased Burn Rate Compared To May

The total number of burns in June surpassed the figure from two months prior. In May, 369,173,694 SHIB were permanently removed from circulation. This data indicates that the burn rate soared by 148.68% month-over-month in June. Shiba Inu-related burns have gained significant momentum since the start of the year. 

Related article: Shiba Inu: Analyst Signals Buy Zone, Predicts Price Surge 

For context, the community, mostly 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. Additionally, enthusiasts burned 1.69 billion and 369.17 million SHIB in April and May, respectively. With 918.07 million SHIB burned in June, the total amount of tokens permanently removed from circulation in the first half of the year reached 29.2 billion, worth $505,898.

July Starts With Major Burn

Despite the significant burns recorded in H1 2024, the community has continued to increase the burn rate with new developments. A few hours into July, an unidentified user moved 291,475,420 SHIB to the dead wallet. 

This user burned 290,434,205 SHIB in a single transaction earlier today. Meanwhile, Shiba Inu’s burn rate increased by 4,677% over the past 24 hours, with 301,686,518 SHIB destroyed so far. 

These efforts reflect the community’s ongoing commitment to reducing the supply of SHIB tokens and enhancing their value.

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