Unknown Wallet Burns 290M Shiba Inu as June Monthly Burn Surpasses 900M
On-chain Shiba Inu burn data reveals that the Shiba Inu community burned over 900 million SHIB tokens in June 2024.
The data, obtained from the community-driven burn tracker Shibburn, confirms that Shiba Inu enthusiasts burned 918,079,655 (918.07 million) SHIB tokens across 237 transactions last month.
🔥🔥🔥 918,079,655 $SHIB tokens have been burned in the month of June with 237 transactions. #SHIB pic.twitter.com/vSkZgX8WGh
— Shibburn (@shibburn) July 1, 2024
This suggests that over 918 million tokens were permanently removed from circulation. At the current exchange rate of $0.00001732, the 918.07 million SHIB tokens are worth $15,901.
Notable Shiba Inu Burns in June
One standout burn recorded in June involved the transfer of over 225 million SHIB to the dead wallet. As previously reported, an unknown user initiated the burn on June 11 in a single transaction.
Another significant burn, totaling 100 million SHIB, took place last month. Influential Shiba Inu community member 1c Dream conducted this transaction on June 13.
The aforementioned transactions, combined with 235 burns carried out by other Shiba Inu community members, contributed to the total number of SHIB tokens incinerated in June, which amounted to 918,079,655.
Notably, the number of burns in June surpassed the figure recorded two months prior. In May, 369,173,694 (369.17 million) SHIB tokens were permanently removed from circulation. This indicates that in June, the Shiba Inu burn rate soared 148.68% month-over-month.
29.2 Billion SHIB Destroyed in First Half of 2024
Shiba Inu-related burns gained momentum at the start of the year. Led mostly by the Shibarium team, the community destroyed 9.93 billion, 643.65 million, and 15.64 billion SHIB tokens in the first three months of the year.
Furthermore, enthusiasts of the dog-themed token burned 1.69 billion and 369.17 million SHIB in April and May, respectively.
With the community burning 918.07 million SHIB in June, the total amount of tokens permanently removed from circulation in the first half of the year is 29,208,906,041 (29.2 billion), valued at $505,898.
Shiba Inu Heats Up as Unknown User Burns Over 290M SHIB
Despite the substantial burns recorded in H1 2024, the community has continued to strengthen the burn rate with increased incineration developments.
A few hours into July, an unidentified user transferred 291,475,420 (291.47 million) SHIB to the dead wallet. The anonymous user burned 290,434,205 (290.43 million) SHIB in a single transaction earlier today.
🔥🔥 290,434,205 $SHIB -> transferred to dead wallet. https://t.co/tNKKSW6m5g
— Shibburn (@shibburn) June 30, 2024
Currently, Shiba Inu’s burn rate has increased by 4,677% over the past 24 hours, with 301,686,518 (301.68 million) SHIB tokens destroyed so far.