While April may have been challenging for Shiba Inu, community members still incinerated 1,695,717,536 SHIB tokens throughout the month.
Shibburn, a community-driven tracking platform, recently highlighted the April burn record in a post on X. Per the update, the Shiba Inu community members wiped out over 1.696 billion SHIB tokens from circulation in April. Shibburn estimated the monetary value to be $37,254.
🔥🔥🔥 1,695,717,536 $SHIB tokens have been burned in the month of April with 204 transactions. #SHIB
Attention: Most of the $SHIB that were burnt this month were being sent to the Contract Address. This isn't due to any big news or anything as many reported… it's just folks… pic.twitter.com/QPk09fWit3
— Shibburn (@shibburn) May 1, 2024
Shiba Inu April SHIB Burn
Notably, these burns were carried out through a total of 204 distinct transactions. April 13 saw the highest burn activity for the month, with over 600 million SHIB burned that day. This heightened burn activity on April 13 coincided with Shiba Inu’s price crashing to $0.0000185.
Furthermore, April 20 was another day with increased SHIB burn efforts, nearing 400 million tokens. Notably, most of the burns that occurred in April were below 100 million.
Overall, the approximately 1.7 billion SHIB tokens incinerated in April reflect an 89.16% drop in the monthly burn rate. In March, community members eliminated over 15.64 billion SHIB tokens valued at over $547K+. The burn rate for March was a staggering 2,330% growth from the previous month.
Additionally, March is the month Shiba Inu witnessed the most significant SHIB burn compared to others, while February is so far the worst, with only 643 million SHIB burned.
Remarkably, Shiba Inu burns heightened in March as SHIB broke at $0.000045, a level last seen three years ago. However, the asset later lost more than half of that value in April, with the overall market sentiment for the month being bearish.
How SHIB Burned 1.69B Tokens in April
Meanwhile, Shibburn clarified that a significant portion of the SHIB coins burnt last month were assets sent to the Shiba Inu contract address. Shibburn added that the actions were not influenced by major news events as some have suggested.
Instead, some individuals inadvertently transferred their SHIB tokens to the contract address without really intending to have them burnt. Due to this misstep, they effectively lost their SHIB investment.
Accordingly, Shibburn urged community members to be more cautious and double-check crypto wallet addresses before hitting the transfer button.
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