The teeming Shiba Inu community continues to burn hefty volumes of SHIB tokens in their quest to reduce the hyperinflated supply of the second-largest decentralized meme token. Data from the SHIB burn tracking platform showed that billions of SHIB tokens were taken out of circulation in the past seven days.
Between May 30 and June 4, the Shiba Inu burn rate grew dramatically as over 4.17 billion SHIB tokens were burned courtesy of several community members and many other independent projects including Blaze Token and Koyo Token.
Read Also: SHIB Burn Rate Spikes Nearly 11,000% After KoyoToken Mega Burn Transaction
Single Wallet Burns 3.60 Billion SHIB
In particular, a total of 4,175,261,803 Shiba Inu tokens were moved to the community”s official burn wallet within the past seven days. While this significant burn development was achieved through 27 separate transactions, it bears noting that a single wallet burned a whopping 3.60 billion SHIB.
Comparing this SHIB burn amount in the past seven days to the previous week’s volume, an enormous burn increase to the tune of 53% was recorded by the second-largest meme token community. Notably, in the previous week, a total of 2,734,359,742 (2.73B) SHIB tokens were destroyed through one hundred and thirty (130) individual transactions.
Top Contributors
Again, the recently launched Blaze Token project was among the top SHIB burn contributors between May 30 and June 4, alongside the Koyo Token project team and other mysterious wallets. The team behind the Blaze Token project burned a mouthwatering 3,601,495,249 (3.60B) SHIB tokens in one go on Monday, May 29, to become the highest contributor within the specified date.
Project Koyo Token came second on the ranking of top SHIB burners between May 30 and June 4, following its incineration of 151,946,848 (151.94M) SHIB tokens in one notable transaction on June 2. On June 4, an unknown whale wallet took out 100,000,000 SHIB from circulation forever to further contribute to the community’s expedition.
At the time of writing, 5,755,884 SHIB tokens have been sent to the dead wallet in the past 24 hours, according to Shibburn. While these recent burns have increased the total SHIB burned from its initial supply to roughly 410 trillion, Shiba Inu’s total supply still sits at over 589 trillion units. The community would have to engage in more burns and staking as well as ecosystem developments to boost the price of the meme token.
HOURLY SHIB UPDATE$SHIB Price: $0.00000794 (1hr -0.39% ▼ | 24hr -8.05% ▼ )
Market Cap: $4,666,815,487 (-8.37% ▼)
Total Supply: 589,351,047,074,875TOKENS BURNT
Past 24Hrs: 5,755,884 (-94.41% ▼)
Past 7 Days: 333,598,730 (-94.07% ▼)— Shibburn (@shibburn) June 5, 2023
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