In September, the Shiba Inu community made significant progress in its ongoing burn campaign, removing over 2.37 billion SHIB tokens from circulation. According to Shibburn, a leading community-driven tracker, this total amounted to 2,378,422,108 SHIB burned in 131 transactions.
Compared to August’s modest efforts, burn rates increased by 249%. In August, just 681 million SHIB was burned in just 6 transactions. For a Shiba Inu currently trading at $0.00001672, these burns have a total value of approximately $39,767.
Reasons for the rapid increase in Shiba Inu numbers
The main factor driving this surge was a large transaction initiated by a wallet linked to Binance on September 26th. This single write removed 1.87 billion SHIB, or $35,643 worth at the time. It accounted for 78.7% of the total burn volume for the month. Additionally, the Living The Dream project launched in September with a burn of SHIB 250 million as part of the ongoing Burn Series campaign. Another notable event occurred in mid-month when 25 million SHIB worth $332 was moved to the official dead wallet.
The collective purpose of these burns is to reduce the circulating supply of Shiba Inu in hopes of increasing the price of the token. At present, the circulating supply of SHIB exceeds 589 trillion tokens, and 410.73 trillion SHIB has already been burned, representing a 41% decrease in the total supply.
However, this trend did not continue in October. The month started slowly, with only 2,941 SHIB burning in the first stage. The total number of tokens burned during the month was just 2.3 million, a 92% decrease from September’s numbers.
Despite the lull, the Shiba Inu community remains hopeful that these efforts will contribute to long-term price increases. With the token price hovering at $0.00001672, community write-in campaigns continue to be a key part of the strategy.
