The Shiba Inu community achieved a significant milestone in September by burning over 2.37 billion SHIB tokens. This effort formed part of a broader burn campaign aimed at reducing the circulating supply of SHIB. According to data from Shibburn, a tracker dedicated to Shiba Inu burns, the community incinerated 2,378,422,108 (2.37 billion) SHIB tokens across 131 transactions last month. At the current trading price of $0.00001672, the dollar value of the burned tokens amounts to $39,767.
Monthly Burn Rate Soars
The burn rate for Shiba Inu soared by 249.36% in September compared to the previous month. In August, the community had burned only 681 million SHIB tokens in just six transactions**. This dramatic increase reflects a renewed commitment to reducing SHIB’s circulating supply.
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The majority of the September burn came from a wallet linked to Binance. An unidentified user executed a significant transaction on September 26, burning 1,872,037,807 (1.87 billion) SHIB tokens in one go. This transaction alone accounted for 78.7% of the total burns for the month, representing a dollar value of $35,643 at the time.
In addition to this, on September 1, the Living The Dream (LTD) project team burned 250 million SHIB as part of its Shib Burn Series campaign. Another burn took place on September 16, when an anonymous Shiba Inu wallet sent 25 million SHIB, worth approximately $332, to the official dead wallet.
Community Goals and Future Outlook
The community’s burning efforts aim to enhance SHIB’s market price, which currently stands at $0.00001672. Overall, members have drastically reduced SHIB’s circulating supply by about 41%, equating to 410.73 trillion tokens.
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As October unfolds, the burning momentum seems to have slowed. The month started with a mere 2,941 SHIB tokens burned. So far, 2,302,941 SHIB (worth $38.5) has been incinerated across three transactions this month.
Currently, Shiba Inu’s burn rate has declined by 92.2% in the past 24 hours, indicating a need for renewed community engagement in burning initiatives.
