Shiba Inu (SHIB) burn: The community doesn't give up!

Wed 03 May 2023 ▪ 3 min of reading ▪ by La Rédaction C.
Getting informed Altcoins

Shytoshi Kusama was very clear about it: “no burn, no bull run”. And his message was heard: the number of SHIB burned in April exceeded the 3 billion mark. Although this represents only half of March’s achievement, the Shiba Inu community remains confident.

Feu consumant le Shiba Inu

3.23 billion SHIB burned in April

The main developer of Shiba Inu did not speak in vain when he invited SHIB holders to keep burning tokens in anticipation of a bullish rally. The call was more or less heard, as reported by NEWS BTC May 1st.

According to the published statistics, 3.23 billion SHIB were burned in April, requiring 125 transactions.

SHIB burn summary for April

However, note that this achievement is far from that of the previous month. In March, a total of 6.78 billion SHIB were burned. It required 540 transactions to achieve this.

Why burn tokens?

In fact, this act, which involves sending tokens to a “dead wallet”, only aims to reduce the total supply of a cryptocurrency.

Thus, in case of mass sending of SHIB to a “burn address”, which is normally known to everyone, the rarity level of the memecoin becomes high. And consequently, its price will increase.

Unfortunately, the number of SHIB burned does not seem enough to propel it to the moon.

SHIB price evolution over 180 days

At the time of writing this article, Shiba Inu is trading at $0.00000994, a decrease of 11.2% over 30 days.

Koyo, the first SHIB burner since March

It is not easy to part easily with SHIB holdings through burning. But given the effectiveness of this process, some investors are taking it seriously.

Such is the case with Koyo, who sent 1.10 billion SHIB on April 9th. Five days later, he burned an additional 1.49 tokens. His achievements in March seem significant according to some observers.

Despite all this, achieving the goal of one SHIB for one cent seems distant. More burning efforts will be needed to achieve it. Hence, the recurring calls for burning from some members of the Shiba Inu community.

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La Rédaction C. avatar
La Rédaction C.

L'équipe éditoriale de Cointribune unit ses voix pour s’exprimer sur des thématiques propres aux cryptomonnaies, à l'investissement, au métaverse et aux NFT, tout en s’efforçant de répondre au mieux à vos interrogations.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.