The effort of the Shiba Inu community to drastically reduce the circulating supply of the digital token SHIB is gradually becoming notable as a new monthly SHIB burn was recorded in May 2022.
The new monthly burn record of over 31 billion SHIB tokens can be attributed to the recently introduced ShibaBurn Rewards.
31.05 Billion SHIB Tokens Burned In May 2022
According to the report shared by Shibburn, the tracker of all SHIB tokens sent to inferno wallets, the Shiba Inu community jointly burned a total of 31,059,157,423 SHIB tokens in the month of May 2022 via 1331 separate transactions.
This new figure destroyed represents the record monthly burn for SHIB tokens. The figure is 18% higher than the one recorded in April 2022.
Shibburn.com tweeted, “31,059,157,423 SHIB tokens have been burned in the month of May with 1,331 transactions.”
— Shibburn (@shibburn) June 1, 2022
SHIB Burn Rate Rose Sharply after Ryoshis Vision Announced the Start of Burn Reward Distribution
It should be noted that after Ryoshis Vision announced the start of burn reward distribution on the 17th of May 2022, the SHIB burn rate began a very sharp increase.
According to Shibburn, within 24 hours on 18th May 2022, the SHIB burn rate spiked by over 5000%, recording its biggest single transaction burn of 10 billion SHIB tokens in the process.
Within the aforementioned period, the Shiba Inu community managed to burn about 12.8 billion SHIB tokens.
According to the report, only those who burned SHIB via the Shiba Inu burn portal launched in April will receive rewards in form of $RYOSHI.