Shiba Inu burns for March surge past 15 billion SHIB as the community triggers a 2,330% spike in the token’s monthly burn rate.
Members of the Shiba Inu community consider March a success for the canine-themed token. In addition to seeing the price of Shiba Inu skyrocket significantly, recent data released by Shibburn shows that SHIB witnessed a spike in burns last month.
Over 15.6B SHIB Destroyed in One Month
Specifically, the Shiba Inu community removed a whopping 15,644,329,668 (15.64 billion) SHIB tokens from circulation. According to Shibburn data, the token witnessed 217 burn transactions in March.
🔥🔥🔥 15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj
— Shibburn (@shibburn) April 1, 2024
The most significant burn occurred on March 9, when 13.4 billion SHIB was sent to the dead wallet in two transactions. As reported earlier, the Shiba Inu ecosystem team initiated both transactions on March 9, using a portion of Shibarium gas fees.
Other burn transactions in March involved Shiba Inu community members sending thousands to millions of SHIB to the dead wallet.
Shiba Inu Burn Rate Hits 2,330%
It bears mentioning that the total amount of SHIB destroyed in March marks a massive resurgence of Shiba Inu’s monthly burn rate. The March burns represent a 2,330% spike in SHIB burns compared to the figure recorded in February.
In February, the community burned only 643,656,418 (643.65 million) Shiba Inu tokens. However, a total of 9,937,949,070 (9.93 billion) SHIBs were destroyed in January.
Unlike January and March, the Shiba Inu ecosystem team did not initiate any Shibarium-powered burn in February, leading to the low number of tokens burned that month.
Shiba Inu Burns Heat Up
Overall, the Shiba Inu community has removed 26,225,935,156 (26.22 billion) SHIB from circulation in the first three months of the year.
April also looks promising for Shiba Inu burns as over 160 million SHIB have been destroyed in less than three days.
SHIB Price Surges 145% in March
The incineration of 15.64 billion SHIB last month coincided with a 145.2% increase in SHIB’s price for the month. However, Shiba Inu has been down 1.2% over the past 30 days amid the corrections recorded since the beginning of April.
At press time, SHIB is trading at $0.00002714, up 12.3% over the past 14 days. Conversely, the token is down in the daily and weekly charts, with losses ranging between 0.5% and 13%, respectively.
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