Unknown Wallet Burns 290M Shiba Inu as June Monthly Burn Surpasses 900M

01.07.2024

On-chain Shiba Inu burn data shows that Shiba Inu community members incinerated over 900 million SHIB tokens in June 2024.

The data,sourced by community-driven burn tracker Shibburn, confirms that Shiba Inu enthusiasts burned 918,079,655 (918.07 million) SHIB tokens across 237 transactions last month.

🔥🔥🔥 918,079,655 $SHIB tokens have been burned in the month of June with 237 transactions. #SHIB pic.twitter.com/vSkZgX8WGh

— Shibburn (@shibburn) July 1, 2024

This suggests that over 918 million tokens were permanently removed from circulation. At the current exchange rate of $0.00001732, the 918.07 million SHIB tokens are worth $15,901.

Notable Shiba Inu Burns in June

One notable burn recorded in June involved the transfer of over 225 million SHIB to the dead wallet. As reported earlier, an unknown user initiated the burn on June 11 in a single transaction.

Another hefty burn, containing 100 million SHIB, was witnessed last month. Popular Shiba Inu community member 1c Dream conducted this transaction on June 13.

The above-mentioned transactions, along with 235 burns from other Shiba Inu community members, pushed the total number of SHIB incinerated in June to 918,079,655.

Notably, the number of burns witnessed last month surpassed the figure recorded two months back. In May, 369,173,694 (369.17 million) SHIB were permanently removed from circulation. This suggests that in June the Shiba Inu burn rate soared 148.68% month-over-month.

29.2 Billion SHIB Destroyed in First Half of 2024

Shiba Inu-related burns have gained momentum since the beginning of the year. For context, mostly led by the Shibarium team, the community destroyed 9.93 billion, 643.65 million, and 15.64 billion SHIB tokens in the first three months of the year.

Also, enthusiasts of the dog-themed token burned 1.69 billion and 369.17 million SHIB in April and May, respectively.

With the community destroying 918.07 million SHIB in June, the total amount of tokens permanently removed from circulation in the first half of the year is 29,208,906,041 (29.2 billion), worth $505,898.

Shiba Inu Heats Up as Unknown User Burns Over 290M SHIB

Despite the hefty burns recorded in H1 2024, the community has continued to bolster the burn rate with increased incineration developments.

A few hours into July, an unidentified users moved 291,475,420 (291.47 million) SHIB to the dead wallet. The anonymous user burned 290,434,205 (290.43 million) SHIB in a single transaction earlier today.