SHIB Burns Spikes Over 5.6 Billion in 9 Days Increasing May Rate 

The ongoing token burn in the SHIB ecosystem took a new turn when the community sent over 5.67 billion SHIBs to the dead wallet in 7 days. From yesterday May 8 to today, May 9, another 1.6 billion SHIB tokens have also entered the dead wallet spiking the already high figure. 

Notably, the 5.7 billion burns occurred in multiple transactions in seven days, spearheaded by top burners in the system, Cultpunks, Blaze Token, and a mysterious wallet. 

SHIB Burners Remove Billions Of Tokens From Circulation

The 24-hour SHIB burns saw the destruction of 1,699,451,700 tokens. The number of burned tokens spiked the SHIB burn rate by 12199.82% in one day. 

The Shiba Inu burn tracker Shibburn.com revealed this data on its Twitter page. 

Besides the community burns in 24 hours, the other three burners in May pushed above 5.6 billion tokens to the dead wallet. 

According to the available data, Blaze Token took the first position due to its burn of 3,700,789,543 SHIBs. The burn occurred in 2 separate transactions on May 3 and May 8. 

The newly launched Blaze Token first removed 2,005,265,274 SHIBs, estimated at $19,992, on May 3.

Then it removed another 1,695,524,269 SHIB tokens on May 8. These token burns mark the highest this month, placing Blaze as the top burner in May. 

Blaze is followed by a mysterious wallet that burned 1,695,572,371 tokens in one transaction on May 5. The wallet owner remains anonymous but is the second-highest burner in May. 

The third largest SHIB burner was CultPunks. The newly launched NFT collection on Modulus Network removed 246,743,138 SHIBs on May 2, cementing its position among other burners. 

 Shiba Inu Token Prices As Burn Rate Increases

Oversaturation usually reduces the value of a crypto asset as its supply exceeds demand. One of the reasons for burning SHIB tokens is to control excessive supply in the market, thereby protecting the asset from price crashes. 

The Shiba Inu community hopes to see an increase in SHIB price following the increased burn rate. But looking at the current market trend for SHIB, the burn hasn’t improved its price yet. 

The asset is trading in the red today, May 9, with a 24-hour loss of 1.92%. Even though there’s no certainty about a price increase from burn transactions, the current decline might link to today’s global crypto market downtrend.