The meme-inspired cryptocurrency Shiba Inu has seen its monthly burn rate soar last month by nearly 250% to 2.4 billion tokens as the price of the cryptocurrency soared around 21.9% over the last 30 days.
According to data from Shiba Inu burn rate tracker Shibburn a total of 2,378,422,108 SHIB tokens worth around $42,000 were burned during the month of September, in a total of 131 transactions. The lion’s share of tokens were burned on September 26, when nearly 2 billion tokens were erased.
🔥🔥🔥 2,378,422,108 $SHIB tokens have been burned in the month of September with 131 transactions. #SHIB pic.twitter.com/5k5hw6jlyH
— Shibburn (@shibburn) October 1, 2024
Since the meme-inspired cryptocurrency was launched, around 410.73 trillion tokens have been destroyed, from a total supply of 1 quadrillion, with most of the tokens being burned by Ethereum co-founder Vitalik Buterin after he was sent a large portion of SHIB’s supply.
Its burning mechanism is intended to reduce the overall supply of SHIB tokens, reducing supply and potentially leading to price rises if demand remains steady or rises. The strategy is multifaceted, encompassing both automated and manual burns.
As reported, last month analysis by blockchain analytics firm Santiment shed light on SHIB’s ecosystem and found that its investors are enduring a “tremendous level of FUD [Fear Uncertainty and Doubt]” while wallets holding over 1 billion SHIB hold the “vast majority” of funds.
Per Santiment’s analysis, the percentage of the meme-inspired cryptocurrency’s supply held by wallets with less than 1 billion SHIB is now at its lowest level since November 2022.
Per the firm the level of social discussion surrounding SHIB has “been extremely low since late July, and has basically been on the decline all year long.” Sentiment for the cryptocurrency is “showing a slight negative bias” as smaller retail traders “have been dropping out of the asset like flies.”
Featured image via Pixabay.
