Shiba Inu Burn Campaign Destroys 2.37B SHIB, 249% Surge Sparks Speculation
In September, the Shiba Inu community made significant strides in its ongoing burn campaign, removing over 2.37 billion SHIB tokens from circulation. According to Shibburn, a leading community-driven tracker, this total represents the incineration of 2,378,422,108 SHIB across 131 transactions.
The burn rate surged by an impressive 249%, compared to Augusts modest efforts. In August, only 681 million SHIB were burned, spread over just six transactions. Shiba Inu, now trading at $0.00001672, saw these burns total about $39,767 in value.
Reasons for Shiba Inu Surge
A key factor driving this surge was a massive transaction on September 26, initiated by a Binance-linked wallet. This single burn removed 1.87 billion SHIB, worth $35,643 at the time. It accounted for 78.7% of the months total burns. In addition, the Living The Dream project kicked off September with a 250 million SHIB burn, part of their ongoing burn series campaign. Another notable event occurred mid-month when 25 million SHIB, worth $332, was moved to the official dead wallet.
The collective goal of these burns is to reduce the circulating supply of Shiba Inu, hoping to boost the tokens price. As of now, SHIBs circulating supply stands at over 589 trillion tokens, with 410.73 trillion SHIB already burned representing a 41% reduction in total supply.
However, October has not continued this trend. The month started slowly, with only 2,941 SHIB burned in its early days. The total incinerated for the month stands at a meager 2.3 million tokens, a drop of 92% from Septembers figures.
Despite the lull, the Shiba Inu community remains hopeful that these efforts will contribute to long-term price appreciation. With token prices hovering at $0.00001672, the communitys burn campaign remains a vital part of their strategy for the future.
Read more: https://www.tronweekly.com/shiba-inu-burn-destroys-2-37b-shib-249-surge/
Text source: TronWeekly
