Over 1.1 Billion Shiba Inu (SHIB) Burned in Past Week; 57 Million Destroyed in the Past 24 Hours

More Shiba Inu tokens (SHIB) are steadily being taken out of circulation through the community’s burn initiative. In August 2022 alone, approximately 3.78 billion SHIB were burned as earlier reported. In the last 24 hours, over 57 million SHIB tokens have been destroyed.

To further reduce the circulating supply of the second-largest decentralized meme token, and to also meet the yearly burn volume target set by the Shiba Army, the teeming community has destroyed over a billion SHIB within the first week of September. 

According to Shibburn, the SHIB burn tracking platform, Shiba Inu tokens sent to dead wallets in the last week totaled 1,114,272,184. The community has therefore destroyed more than a billion tokens for the second week in a row. 

“In the last 7 days, there have been a total of 1,114,272,184 $SHIB tokens burned and 198 transactions,” Shibburn wrote. 

Read Here: More Than 3.78 Billion Shiba Inu (SHIB) Tokens Burned In August

The top burners or contributors to this massive incineration recorded in one week alone included the newly launched Bep-20 project, ShibaBae, 1Cent token project, and Travis Johnson’s SHIB Super Store. However, the Shibabae burn event committed the highest burn volume followed by 1Cent and then Travis Johnson’s burn initiative.

Through the ShibaBae burn event on August 31, 219 million SHIB were burned in one transaction. While an estimated 90.65 million SHIB tokens were sent to inferno addresses in one transaction on August 29 courtesy of 1Cent’s weekly burn event, Travis Johnson’s SHIB Super Store destroyed a total of 38,494,404 SHIB in one transaction in the past 24 hours. 

Read Also: Shiba Inu (SHIB) Now Accepted In Over 170 Countries and 60 Million Businesses Via OKSE Crypto Card

SHIB Burn In the 24 Hours

Shib burn rose over 100% as the community cumulatively destroyed 57,360,449 SHIB in the last 24 hours, in 21 burn transactions. The biggest burn was the transaction showing 38,494,404 tokens burned, as revealed on the Shib burn platform. 

Whereas in the past hour, only 95,854 tokens were destroyed in one transaction. So far, 410.38 trillion tokens have been taken out of SHIB’s circulating supply, while 31.09 trillion tokens are staked as xSHIB. 

Although these burn actions have not significantly impacted the price of the meme token in the short term, the community believes that reducing the token’s supply would have a long-term positive impact. SHIB is trading for $0.00001245 per token at the time of writing as the Shiba Army continues to hope for a rally.

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