June 23, 2024

The Shiba Inu community has made significant progress in its commitment to burning SHIB tokens. The SHIB Army sent 15 billion SHIB tokens to the project’s dead wallet in March.

Following the massive dedicated incineration of tokens, the burn rate increased by a whopping 2,330% in March.

The Shiba Inu official tracking platform for SHIB burns, Shibburn, revealed the recent development for March. According to the data, the project community has proven its commitment to securing and promoting SHIB and its value.

Shibburn reported that the Shiba Inu community incinerated 15,644,329,668 (15.64 billion) SHIB coins in March. It completed the destruction through 217 different transactions within the month.

Further, Shibburn noted that the most significant burn occurred on March 9 and destroyed 13.4 billion SHIB tokens. Based on the report, the incineration occurred via two transactions that sent the coins to the SHIB dead wallet.

Notably, the Shiba Inu project team completed the two transactions on March 9 with a part of Shibarium gas fees. However, members of the SHIB community handled other transactions that involved the destruction of millions of SHIB in March.

Following the massive SHIB token destruction that runs into billions, the Shiba Inu monthly burn rate spiked.  

According to Shibburn, SHIB’s burn rate surged by 2,330% in March compared to its February record, showing the project community incinerated about 643.65 million SHIB.

The Shiba Inu team initiated Shibarium-based burns in January and March but not February. Cumulatively, the SHIB community has destroyed a total of 26.22 billion SHIB within the first three months due to Shibarium-powered token incineration. 

Meanwhile, within the first three days in April, more than 160 million SHIB tokens have already been burned from the circulating supply.

Shiba Inu Price Also Showed Impressive Performance In March

Generally, March seemed to be an outstanding month for SHIB and its supportive community. Besides seeing a staggering growth in the burn rate of SHIB tokens, the asset posted an impressive price surge.

SHIB reclaimed its value massively in March with a 145.2% increase in price growth. Moreover, Shiba Inu climbed the ladder of crypto ranking to join the top 10 crypto assets. Its resilience saw meme coin hitting the $0.00004 threshold after many months.

Though SHIB has shed some of its value, it still poses a potential for more rallies in the future.

As of 07:45 AM EST on April 3, SHIB is trading at $0.00002698, reflecting a surge of 3.30% over the past 24 hours. Its market cap now sits at $15.89 billion, placing the token as the twelfth-largest cryptocurrency.


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