Shiba Inu Price Boost Through Burns? Community Rallies to Reduce Supply

Shiba Inu (SHIB), the popular meme coin, has seen a significant surge in token burning activity throughout June 2024. According to Shibburn, a community-driven platform dedicated to tracking burns, over 900 million SHIB tokens were permanently removed from circulation last month. This fervent effort by the Shiba Inu community reflects their dedication to potentially increasing the value of the token by reducing its overall supply.

The data reveals a total of 918,079,655 SHIB tokens incinerated through 237 separate transactions. At the current market price of $0.00001732, these burned tokens translate to a value of roughly $15,901. This substantial burn exemplifies the community’s ongoing commitment to manipulating SHIB’s supply and potentially driving its price upwards.

Notable Burns and Increased Activity

June witnessed several significant burns, with one particular transaction standing out. On June 11th, an anonymous user transferred a staggering 225 million SHIB tokens to the designated “dead wallet” in a single move. Another noteworthy burn involved popular community member 1c Dream, who incinerated a substantial 100 million SHIB on June 13th.

These prominent burns, alongside contributions from 235 other community members, collectively brought the total number of SHIB tokens burned in June to an impressive 918,079,655. This figure represents a significant increase compared to May’s total of 369,173,694 burned SHIB tokens, reflecting a substantial 148.68% month-over-month rise in the burn rate.

First Half of 2024 Sees Over 29 Billion SHIB Burned

The momentum behind Shiba Inu burns has been steadily building since the beginning of 2024. Led primarily by the Shibarium team, the community destroyed a combined total of 9.93 billion, 643.65 million, and 15.64 billion SHIB tokens in the first quarter. This trend continued in April and May with 1.69 billion and 369.17 million SHIB burned respectively.

With the addition of June’s impressive 918.07 million burned SHIB, the total number of tokens permanently removed from circulation in the first half of 2024 stands at a staggering 29,208,906,041 (or roughly 29.2 billion), with an estimated value of $505,898.

Community Continues Burning Efforts in July

Despite the significant burns achieved in the first half of the year, the Shiba Inu community shows no signs of slowing down. Just hours into July, an unidentified user transferred a substantial 291,475,420 SHIB (approximately 291.47 million) to the dead wallet, effectively burning over 290 million SHIB in a single transaction.

As of now, Shiba Inu’s burn rate has skyrocketed by a staggering 4,677% over the past 24 hours, with over 301 million SHIB tokens already destroyed. This relentless effort by the community to reduce the circulating supply of SHIB highlights their unwavering commitment to potentially influencing the token’s price in the long run.