The Shiba Inu community successfully burned approximately 3.78 billion SHIB tokens in the month of August. The recently launched BEP-20 token ShibaBae, 1Cent token, and Travis Johnson’s SHIB Super Store, have been recognized as the ‘Top SHIB Burners of the Month.’
Considering the large supply of the second-largest dog-themed token, Shiba Inu, the community launched a burn initiative to reduce the circulating supply of the token. More so, to incentivize Shib burning, the Shib Burn Portal reward token, Ryoshi was introduced.
Ever since the start of this initiative, the teeming community members have consistently been sending millions of SHIB tokens to dead wallets. Accordingly, the circulating supply of Shiba Inu has been recording a steady reduction in quantity.
August SHIB Burn Report
Every month, billions of SHIB tokens are bent to dead wallets through different community strategies. Due to the community’s yearly burn target, the teeming ShibArmy removed a large volume of SHIB tokens in August.
According to the monthly SHIB burn report by the Shibburn tracking platform, 3,785,744,343 SHIB tokens have been burned in August via 528 transactions.
— Shibburn (@shibburn) September 1, 2022
In comparison, more SHIB tokens were destroyed in July than in the last month. A total of 4.7 billion SHIB tokens were permanently removed from Shiba Inu’s circulating supply in July.
Regardless, the Shiba Inu community’s initiative to burn a huge percentage of SHIB tokens continues to make headway.
It is worth noting that the major contributors in August included the ShibaBae token, 1Cent token, and Travis Johnson’s SHIB Super Store. Amazon’s contribution also boosted the Shib burn rate last month.
While the ShibaBae token destroyed a total of 519,403,367 SHIB in August 2022, the 1Cent token burning strategy removed 286,013,545 SHIB courtesy of its Five Burn Events per week in August 2022, in five transactions only.