Shiba Inu Burns Heat Up With 387 Million SHIB Burned In a Single Day

The surge in Shiba Inu transactions has led to more burns, with over 387 million tokens removed from supply in a single day.

The price of Shiba Inu has increased significantly recently, including a 250% gain in the past month. While the price surge inevitably means more profit for investors, this snowball effect also means a depletion of Shiba Inu’s total supply, which in turn improves its future price prospects.

According to data from Shibburn, over 387 million Shiba Inu tokens were removed from circulation in the past 24 hours. The burn comes from an inbuilt mechanism where a portion of the SHIB supply is sent to the burn address for each Shiba Inu transaction executed by users. With Shiba Inu’s price recently surging, the number of transactions has increased as well.

In the past 24 hours, there have been a total of 387,637,350 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/sDYfopbrba

— Shibburn (@shibburn) March 12, 2024

The total amount of Shiba Inu burned in the past 24 hours is the equivalent of $12,800. While this might seem like a small amount, the steady nature of this deflationary mechanism means its impact could potentially be felt in the long term. 

Additionally, the launch of the Shibarium network has since bolstered Shiba Inu’s burn mechanism. A portion of fees collected on the network is used for periodic burns, which may occasionally result in higher amounts of USD being removed from circulation.

For instance, on March 8, the Shiba Inu team manually burned $340,000 worth of assets using funds raised from user activity on Shibarium. On the said day, the total amount of Shiba Inu burned (including regular user transactions) surpassed 13.6 billion SHIB, the equivalent of $389,000.

Meanwhile, on March 9 and 10, a combined 366 million Shiba Inu tokens were burned. The total value was worth around $11,800, with 68.9 million and 297.1 million burned, respectively.

Over 720 Billion Shiba Inu Burned All Time

Data from Shibburn shows that over 723 billion Shiba Inu tokens have been burned since the token’s creation. This figure excludes the famous 410 trillion tokens burned by Ethereum co-founder Vitalik Buterin, who received a substantial amount of SHIB from the project’s developers in its early days.

At current prices, the 723 billion Shiba Inu burned is the equivalent of $23.4 million, highlighting how steady Shiba Inu’s burns add up in the long term. In the meantime, Shiba Inu (SHIB) trades around $0.0000326 as more investors take profit after the massive surge in the past month.