Shiba Inu Massive Burn: Over 2.3B SHIB Tokens Vanish Into Thin Air In September

In September, over 2.3 billion Shiba Inu SHIB/USD tokens, valued at $17,173, were permanently removed from circulation, according to Shibburn data. 

What Happened: This is a decrease from August when 5.7 billion SHIB, worth $45,899, were burned. 

In the past 24 hours, SHIB has seen a 3% increase in price, with trading volume surging to 50%, reaching $99 million. 

In September, SHIB experienced a marginal trading movement of less than 7%, concluding the month at a value of $0.0000075.

Last week, Shiba Inu witnessed a significant increase in its burn rate, with a 1000% surge in a single day. This spike followed the permanent removal of 164 million SHIB tokens from circulation.

Notably, two dormant cryptocurrency wallets, previously inactive, received substantial withdrawals of SHIB tokens from exchanges Binance and MEXC. These new holders of SHIB tokens, referred to as Shiba Inu whales, hold a combined value of over $500,000 in SHIB.

In a milestone for the Shiba Inu development team, the renouncement process for the BONE BONE/USD token, the official token of Shibarium, is nearing completion. The team took steps to renounce BONE last week, which involved the introduction of a temporary token called Calcium.

It’s important to note that Calcium is solely for the purpose of renouncing the BONE contract and should not be used for trading due to its lack of liquidity.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: The term “token burn” refers to the permanent removal of coins or tokens from circulation by sending them to a specific address that cannot send crypto. The SHIB burn mechanism involves specific wallet addresses dedicated to storing the burned tokens. 

These burn addresses are part of the Ethereum network and are also used by other tokens. Ethereum ETH/USD co-founder Vitalik Buterin famously used one of these burn addresses to destroy a significant portion of SHIB tokens.

Currently, there are three main burn addresses for SHIB tokens. One was used by Vitalik Buterin, the second was used by the Shiba Inu team for ShibaSwap listings, and the last one, known as the Black Hole, is associated with the Ethereum genesis address.

Price Action: At the time of writing, SHIB was trading at $$0.000007561, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?