Shiba Inu burns have become a staple in the industry after the community sponsored burning began around two years ago. Every month, community members have been sending millions to billions of SHIB tokens to the burn address in a bid to reduce the total supply. The month of August 2024 has been no different as the aggregate number of tokens burned for the month shows that a notable amount of Shiba Inu coins were also burned for the month.
Over 680 Million Shiba Inu Tokens Burned
Shibburn, the official website for tracking the total number of Shiba Inu tokens burned each day, released its monthly report that shows the total number of tokens that were sent to the burn address. The month was closed out on a high note, marking a significant jump from the previous month’s figures.
In total, 680,798,109 SHIB tokens were burned in the month of August, translating to $9,347.36. While this is not out of the ordinary, it was a major step up from the figures recorded in the month of July. According to Shibburn’s data, the over 680 million Shiba Inu coins burned meant a 79.41% increase from the total figures from August.
Interestingly, the burns in August 2024 had been mostly disappointing, with multiple days recording no burns at all. However, as the month drew to a close, the figures began to improve, with more SHIB tokens being sent to the burn wallet.
On the last day of the month, on August 31, 2024, the largest single-day burn was recorded for the meme coin. With almost 300 million tokens burned, it constituted for more than 30% of the total burns for the month. This suggests a last minute rush by investors to incinerate more tokens before the month ran out.
Starting September On A Low Note
While the Shiba Inu burn rate closed out the month of August on a positive note, the same cannot be said for the start of September. With the new month already underway, the burn rate is already falling short of expectations, especially on the first day.
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Shibburn’s data shows that on September 1, only 1,043,343 SHIB tokens were burned in 24-hours. This translated to a 99.63% decline in the burn rate for the meme coin. These coins were a result of two transactions, burning a total of $13.82.
The Shiba Inu price has also struggled alongside the burn rate, dropping over 8% in seven days. However, Monday’s recovery spelled good news for the price and if bulls are able to maintain momentum, then the price could continue to rise.
SHIB price fails to break $0.000014 | Source: SHIBUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com
