The Shiba Inu project demonstrated significant commitment to reducing the circulating supply of its SHIB token in March.
Shibburn tracker in a post on X, revealed that 15,644,329,668 SHIB (approximately $454,154 USD) was removed from circulation through transfers to unusable wallets. This impressive effort increased the monthly SHIB burn rate by 2,330%.
🔥🔥🔥 15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj
— Shibburn (@shibburn) April 1, 2024
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The Shiba Inu development team spearheaded the majority of these burns, incinerating a substantial 13,610,153,841 SHIB on March 9th. This initiative aligns with previous efforts; the team destroyed nearly 40 billion SHIB between November and February.
Driving these burns is the Shibarium protocol, which uses a portion of its BONE gas fees to purchase and subsequently burn SHIB tokens. However, recent data from Shibburn indicates a deceleration in daily burns.
In the past 24 hours, the SHIB community managed to destroy just 4,696,071 SHIB, marking a 51.10% decline. It is important to note that while the development team spearheads major burns, the broader SHIB community also plays a role. There are dedicated burn portals and initiatives where individuals can contribute to decreasing the SHIB supply independently.
Shibarium Transaction Activity slows down
Shibarium, the Shiba Inu-developed Layer-2 solution on the Ethereum blockchain, is experiencing a downturn in transactional activity. On March 31st, the Shibariumscan explorer registered only 3,690 daily transfers, a stark contrast to recent highs of 172,290 transfers and the network’s peak of 2.34 million daily transfers in early March.
Despite the dip in daily transfers, the network continues to register a steady increase in overall transactions – reaching a cumulative transaction count of 413,159,247 in March. This growth indicates sustained use of the Shibarium network since its launch.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Market Context for SHIB Burns
The Shiba Inu team is actively working to enhance SHIB’s value by significantly decreasing the token’s circulating supply. Their goal is to create scarcity, which could potentially increase SHIB’s price if demand remains steady. This is a common strategy among cryptocurrency projects aiming for sustained growth, suggesting it might influence SHIB’s future market performance.
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