The Shiba Inu community has made headlines with an astonishing 249% increase in its token burn rate, incinerating 2.37 billion SHIB in September alone. Data from Shibburn, a community-driven tracker, confirms that this massive burn occurred over 131 transactions, marking a significant leap from the 681 million SHIB tokens destroyed in August.
2.37 Billion SHIB Burned, Price Impact In Question
At the time of the burn, Shiba Inu was trading at $0.00001672, making the total value of tokens destroyed approximately $39,767. Despite the impressive burn rate, the impact on SHIB’s price remains modest, with the token hovering at the same level throughout most of September.
The significant uptick in burns is part of the community’s ongoing effort to reduce Shiba Inu’s circulating supply and, ultimately, increase its price. With Shiba Inu’s circulating supply still towering at hundreds of trillions of tokens, community efforts are a crucial part of managing the asset’s deflationary strategy.
Key Burn Events in September
The major contributor to September’s burn came late in the month, when a Binance-linked wallet obliterated 1.87 billion SHIB tokens in a single transaction on September 26. This transaction alone accounted for 78.7% of the total burns, equivalent to $35,643 at the time.
Another notable burn occurred on September 1, when the team behind the Living The Dream (LTD) project incinerated 250 million SHIB as part of their Shib Burn Series campaign. In addition, on September 16, an anonymous wallet burned 25 million SHIB tokens, valued at around $332.
While September saw a robust burn rate, October has started off weak. Only 2.3 million SHIB tokens have been burned so far, a sharp contrast to the previous month’s figure. At the start of the month, just 2,941 SHIB were destroyed, and the daily burn rate has plummeted by over 92% within the first few days.
The Long-Term Vision
Despite the slowdown in October, the Shiba Inu community remains committed to reducing SHIB’s supply. As of now, over 41% of Shiba Inu’s total supply, or 410.73 trillion tokens, has been burned since the inception of the project.
Also Read: Shiba Inu (SHIB) Soars 360% In Whale Transactions – Can It Break Resistance At $0.00001833?
The big question remains whether these burns will translate into meaningful price appreciation. While the burn strategy is a step towards reducing the massive supply, it may take several more significant burns or other positive market catalysts to push SHIB’s price higher.
For now, Shiba Inu’s community continues its effort, with the hope that the next round of burns could ignite a price rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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