The Shiba Inu community burned 681 million SHIB in August, an impressive 79.41% increment from July’s total figure.
On-chain data sourced by community-driven burn portal Shibburn shows that over 280 million SHIB was burned in a single day as the circulating supply of the token dwindled.
The burn, which happened over six transactions on August 31, saw SHIB worth over $4,000 incinerated from the token’s supply forever. An on-chain investigation by The Crypto Basic revealed that a chunk of the Saturday burn was tied to the Living the Dream (LTD) project, a new token within the Shiba Inu community.
LTD token launched on August 30 and has gained traction among Shiba Inu enthusiasts. On Saturday, the project proposed a Shiba Burn Series, where it pledged to burn SHIB to support the community.
On the same day, LTD burned 250 million SHIB, which contributed to the massive burn seen in the August 31 Shiba Burn statistics. Data showed that the LTD project burned another 250 million SHIB on September 1, taking its tally to 500 million in two days.
💰😎🧐Introducing our Shib Burn Series Volume 1
Keep true to our promise to the ShibArmy and proud members of the Shib Community. 🚗
We have successfully burned 250 million tokens.
Look out for more announcements
One Dream One Community#dreamchasers #SHIBARIUM #SHIBARMY… pic.twitter.com/dHWpn901A4
— LTD TOKEN (@theLTDtoken) August 31, 2024
The burn was done on the address “itdsafe.eth,” where about 278.1 billion LTD (83% of the LTD token) is held. Notably, the project has burned 539 million LTD since its launch on August 30.
Nearly 681M Burned in August
Overall, data confirms that over 680 million SHIB were destroyed in August alone, accounting for 0.00012% of the token’s supply. The total burns for August were worth $9,347.
Notably, August’s burn rate was 79.41% higher than July’s. Over 379 million SHIB was burned in July, worth $5,027 at the current market price. This showed an increase in burn rate, part of the goal of the community.
Over 41% of SHIB Burned
Following these transactions, Shibburn data shows that over 41% of Shiba Inu’s initial supply had been destroyed. The token started with a total supply of 999 trillion SHIB during its launch in 2020 but has reduced to 410 trillion at the time of writing.
Notably, during a hard fork on August 5, the ecosystem team confirmed the introduction of a burn portal to bolster Shiba Inu burns.
For context, Shibarium divides transaction fees into priority and base fees. The priority fee is distributed among validators, while a chunk of the base transaction fee is devoted to burns.
Analysts have stated that for SHIB’s price to rally to $0.003, a massive reduction in its supply needs to be implemented. SHIB traded at $0.00001326 at the time of writing, down over 2% in the past 24 hours. The asset’s price has followed a broader market correction trend, which saw major cryptocurrencies dumped significantly.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
