Over 70 Billion SHIB was destroyed in burns by Shiba Inu holders during the first six months of 2022, marking a breakout period for the act of cryptocurrency burning.
Staggered across 4680 transactions and three separate burn addresses, SHIB holders flocked in their thousands to burn their tokens for a variety of reasons.
With SHIB burns still remaining a vital aspect of the ecosystem in the eyes of the holders, here’s a breakdown of the past six months of Shiba Inu burning.
Shiba Inu Burns In 2022
While SHIB burns enjoyed relatively successful burns in January, February, and March 2022, burning 1.3 billion, 1.4 billion and 6 billion SHIB, respectively, April was really the breakout month.
With a staggering 1974 individual burn transactions, some 26 billion SHIB was sent to the burn wallet in April. However, May posted an even more impressive burn tally. A whopping 31 billion SHIB was destroyed through 1331 transactions.
Altogether, these two months made up some 80% of the total SHIB burned in 2022, and 70% of the transactions.
The dramatic rise in burning during April and May coincided with the formal release of the Shiba Inu Burn Portal. This portal, built into ShibaSwap, helped build a more official place for SHIB burns to take place. It also provided an incentive for SHIB burners, offering Ryoshis Vision tokens for those using it.
The May burn was also boosted by a single burn for 10 billion SHIB. Worth $123,000 at the time, this burn makes up 14% of the entire SHIB burned in 2022 so far.
June, however, saw a dramatic shift from this trend. With the massive crypto collapse including the Luna crypto crash hurting SHIB, so too was the burn rate hit. Only 4.5 billion was destroyed in June - a decrease of 85% from May. Similarly, transactions also fell by 70%.
The Shiba Inu Burn Portal continues to see use, but delays in reward distributions may have damaged it slightly.
With 70.59 billion burned from January to June, this works out at around 390 million SHIB destroyed each day. Combined, at the current SHIB price, this 70 billion SHIB is worth $740,491. However, the total burned will likely be higher given the price of SHIB in April and May.
Looking to the future as we come to mid-July, SHIB burns still remain down from their April and May levels.
Around 1.5 billion SHIB has been destroyed in July so far. However, with projects such as Shibarium and the Shiba Inu Metaverse set to launch soon, along with some burning mechanisms, these levels could still increase towards the end of the year.