Shiba Inu token burns

SHIB burn has remained one of the top initiatives in the Shiba Inu community as proponents believe reducing the crypto token supply could impact its price positively.

The teeming Shiba Inu community successfully took out over 1,695,717,536 billion SHIB tokens from circulation in April alone, equivalent to $37,264. A total of 204 transactions contributed to this burn volume, according to a Wednesday update from Shibburn. 

April SHIB Burn Review

The largest burn volume of nearly 700 million SHIB was recorded on April 13. On this day, an unknown whale destroyed 650 million SHIB tokens in one transaction

The second-largest SHIB burn transaction last month was executed on April 20, with about 400 million Shiba Inu tokens burned that day. 

Data further showed that over 100 SHIB tokens were burned on April 2 and April 8. Meanwhile, the total daily burn volumes on other days last month were below 100 million SHIB tokens. 

Notably, of the ~1.7 billion SHIB burned in April 2024, the Shibburn update revealed most were derived from users who mistakenly sent their tokens to the Shiba Inu contract address. 

Accordingly, the leading SHIB burn tracking platform stressed the need to always double-check recipient wallet addresses before making transfers to avoid losses. 

Related: Robinhood Expands Shiba Inu Trading To New York As Exchange’s SHIB Holdings Cross 42T

Nearly 28B SHIB Burned Between January and April

While the burn rate in April represented an 89.16% decrease compared to the outcome in March, it reflected a growth of over 62% when compared with the February SHIB burn volume.  

More than 15.64 billion SHIB tokens valued at over $547,000 were burned in March 2024. Whereas only 643 million Shiba Inu were removed from circulation in February 2024. In January, an estimated 9.94 billion SHIB tokens were sent to the burn address. 

With roughly 28 billion Shiba Inu tokens burned in the past four months, the gross burn from the memecoin’s initial total supply sits at 410,726,117,667,066 SHIB at press time. Of this volume, Ethereum co-founder Vitalik Buterin accounted for the burning of 410 trillion units of the canine-themed token. 

Read more: Shibburn States Why Vitalik Buterin 410T Shiba Inu Burn Failed To Boost SHIB Price

Can SHIB Reclaim $0.00005 in May?

The second-largest memecoin by market capitalization has suffered a great price decline since hitting $0.000044 on March 5, 2024. Trading around the much-retested $0.000022 support level at press time, SHIB’s price has plummeted by over 50% from its March high and down by 11% in the past 30 days, per Coingecko data. 

Given the staggering 1.7 billion tokens burned in April, the planned Shibarium hardfork, strategic partnerships and $12M funding secured by the Shiba Inu team, SHIB may likely experience some upward movement in the coming months.

Nonetheless, a sustained bitcoin price correction could throw altcoins into a declining market cycle. Changing hands at $59,200 at press time, the BTC price has dropped over 7% in the past week.

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