Over 352 Million Shiba Inu (SHIB) burned in February.
In February, Shiba Inu Community-led burn initiatives removed 352,210,738 (352.21M) SHIB from circulation through 128 individual transactions.
🔥🔥 352,210,738 $SHIB tokens have been burned in the month of February with 128 transactions. #shib #shibarmy
— Shibburn (@shibburn) March 1, 2023
This marks a significant decrease in burn rate compared to the previous month when over 1.12 Billion Shiba Inu were incinerated through 223 transactions.
Despite the lower burn rate, a record-breaking amount of Shiba Inu tokens were burned in a single transaction on February 27th. As reported by The Crypto Basic, an unknown wallet destroyed an astounding 63,869,939 (63.86M) SHIB, adding to the growing number of tokens being removed from circulation.
The Shiba Inu Community continues to regulate the supply of Shiba Inu through strategic burns and staking efforts, with a staggering 410,385,248,455,443 (410.38T) SHIB burned from the initial supply of 1 quadrillion, leaving the total supply of SHIB at 589,614,751,544,556 (589.61T).
Additionally, a significant portion of the total supply, 17,066,251,431,037 (17.06T) SHIB, has been staked by key investors into the ShibaSwap DEX, leaving the current amount of Shiba Inu in circulation at 572,548,500,113,519 (572.54T).
Shiba Inu has failed to impress investors with its recent performance. Over the last 30 days, it has only seen a 2.1% increase in price, while in the past week, it has underperformed by -5.4%. As of press time, Shiba Inu is trading at $0.00001238, up by 0.10% over the last day, with a 24-hour trading volume of $173,207,376 ($173.20M).