Bitrabo Editorial
In the crypto world, Shiba Inu burns have become a common practice initiated by the community to decrease the circulating supply of SHIB tokens. August 2024 had its fair share of burning activities, marking a notable amount of Shiba Inu coins being incinerated during the month.
680 Million Shiba Inu Tokens Burned
Shibburn, the platform monitoring burnt Shiba Inu tokens, published its monthly update disclosing the total tokens sent to the burn address. The month concluded on a positive note with a substantial increase compared to the previous month.
In August, a total of 680,798,109 SHIB tokens were incinerated, equivalent to $9,347.36. This marked a significant surge from the previous month, indicating a 79.41% rise. Despite some disappointing days earlier in the month with no burns, there was a gradual improvement as August progressed.
The final day of August witnessed the highest single-day burn with nearly 300 million tokens destroyed, constituting more than 30% of the total for the month. This surge hinted towards investors rushing to burn tokens before the month ended.
September Commences with a Decreased Burn Rate
Following the positive ending to August, the burn rate for Shiba Inu coins has seen a decline at the beginning of September. Data from Shibburn reveals that only 1,043,343 SHIB tokens were burnt on September 1, a significant 99.63% drop in the burn rate for the meme coin from the previous month.
The Shiba Inu price has also faced challenges, experiencing an over 8% decline in a week. However, a recent recovery on Monday provides hope for a price uptrend if the bullish momentum can be sustained.