As a seasoned analyst with years of experience under my belt, I must say that the Shiba Inu burn rate has been quite intriguing to watch. The community’s collective effort to reduce the total supply is a testament to their dedication and belief in the project.
In the crypto world, burning Shiba Inu tokens has become common practice since the community initiated burns about two years ago. Each month, community members send millions to billions of SHIB tokens to a specific address with the goal of decreasing the total number of tokens in circulation. August 2024 was no exception as data reveals that a significant amount of Shiba Inu coins were also destroyed during this period.
Over 680 Million Shiba Inu Tokens Burned
As a researcher delving into the world of cryptocurrency, I’ve been closely monitoring the Shiba Inu token burn rate through Shibburn, the go-to platform for such tracking. This month’s report showcases an impressive surge in the number of tokens sent to the burn address, marking a substantial leap from the figures recorded during the previous month.
Approximately 680,798,109 SHIB tokens were incinerated in August, equating to around $9,347.36. This isn’t unusually high, but it represents a significant leap compared to the amounts recorded in July. As per Shibburn’s statistics, this burn of over 680 million Shiba Inu coins signifies an impressive increase of about 79.41% from the total figures for August.
It’s worth noting that the burn events in August 2024 were generally underwhelming, with several days reporting no burns whatsoever. Yet, towards the end of the month, there was a noticeable uptick in the numbers, indicating an increase in SHIB tokens being transferred to the burn wallet.
Come August 31st, 2024, I witnessed an unprecedented one-day burn of our meme coin, with approximately 300 million tokens going up in smoke. This single event accounted for over 30% of all burns recorded throughout the month, hinting at a flurry of last-minute activity by investors eager to destroy more tokens before the clock struck midnight on the month.
Starting September On A Low Note
To put it simply, the rate at which Shiba Inus were being burned in August ended positively, but unfortunately, the beginning of September has seen a dip below anticipated levels. As we move through this month, the burn rate has already failed to meet our expectations, particularly on its very first day.
According to Shibburn’s data, just over one million SHIB tokens – specifically 1,043,343 – were destroyed within a 24-hour period on September 1st. This represents a substantial decrease of approximately 99.63% in the rate at which these meme coins are being burned. These token destruction occurred through two separate transactions, collectively reducing the circulating supply by $13.82.
In simple terms, the cost of Shiba Inu coins has faced similar challenges as its burn rate, plummeting by more than 8% over a week. Yet, Monday’s market rebound brings hope for an increase in price. If the bullish trend is sustained, we might witness further growth in the coin’s value.
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2024-09-03 16:06