Shiba Inu Burn Rate Soars: More Than 15 Billion Tokens Destroyed in May

In May, the Shiba Inu cryptocurrency community saw more than 15 billion SHIB tokens burnt. This burning involves removing tokens from circulation permanently and increasing the scarcity of the Shiba Inu token.

According to Shibburn’s tweet, the burning of the tokens took place on 191 different transactions, representing a burn rate increase of 370%  compared to the previous month. The data also shows that over 3 billion Shiba Inu tokens were taken out of circulation last month through 125 individual transactions. 

The Token Burn

Notably, as the month unfolded, a community-driven project, Blaze Token, launched on May 1, has emerged as the foremost SHIB tokens burner. Blaze Token carried out five separate transactions, resulting in a total removal of over 11.5 Billion SHIB from circulation.

Blaze Token made the largest burn transaction of the month on May 29th, sending a whopping 3,601,495,249 (3.60 billion) SHIB tokens to the dead wallet. 

They also conducted significant burn transactions on other dates, including 2,005,265,274 (2 billion) SHIB on May 2nd, 1,695,524,269 (1.69 billion) SHIB on May 8th, and a 3,016,000,000 (3.01 billion) SHIB on May 15th. Then on May 22nd,  Blaze burned1,238,951,893 (1.23 billion) SHIB 

A newly developed token on the ShibaSwap Decentralized Exchange (DEX), MARSWAP, holds second on the Top SHIB Burners of the month. MARSWAP destroyed over 1.35 Billion SHIB tokens on May 24th through one hundred (100) different transactions.

A wallet associated with Coinbase named Coinbase 10 has also contributed to the reduction of SHIB supply by destroying an impressive 200,583,666 (200.58 million) SHIB in a single transaction on May 28th.

SHIB Token Burn And Market Price

Despite the monthly burn activity, the Shiba Inu price has failed to gain positive momentum. Over the past 30 days, Shiba Inu has experienced a decline of 14.06% in its price value. 

However, SHIB’s price has gained slightly at $0.000008494, showing an increase of 0.10% in the past day. The 24-hour trading volume for SHIB also stands at $105,884,523 as of the time of writing.

Despite the negligible gains, the Shiba Inu Community is firmly dedicated to reducing the massive supply of SHIB tokens. 

A prominent decentralized token-burning project for Shiba Inu, Shibburn, is set to unveil its eagerly awaited new website soon. The upcoming platform will introduce an innovative burn-tracking tool, allowing users to monitor token burns effortlessly.