Shiba Inu burned 3.7 Billion SHIB in August as the price recovers

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Shiba Inu logo against burning background.
Credit: Unsplash

Shiba Inu burns continue to catch pace as the cryptocurrency burned over 3.7 million SHIB in August alone.

While the Shiba Inu roadmap continues to expand, the upcoming Shibarium hype has led SHIB to experience multiple price rallies.

The Shiba Inu burns to mark a significant process for the crypto to maintain its price equilibrium and has been a great topic for the community to explore and dive into.

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SHIB Burns in August

During a busy month for Shiba Inu, the SHIB Army sent almost 3.8 billion SHIB to dead wallets and the Shiba Inu Burn Portal.

According to Shibburn, approximately 528 wallets have burned a total of 3,785,744,343 tokens in August, worth $47,862.

This comes as 2100 addresses have now burned SHIB using the burn portal.

Some of the more notable burn contributions this month came towards the end of August, including one burn on August 31 for 219 million SHIB.

This 3.7 billion destroyed in August is the lowest monthly burn since the Shiba Inu Burn Portal launched in April. In July, over 4.7 billion SHIB was destroyed.

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However, these burn numbers do need some further context compared to last month. In July, the highest price SHIB reached was $0.00001293. In August, it was $0.00001732. With July being a cheaper month for SHIB burns, these numbers do vary depending on the times of the burns.

SHIB holders remain buoyed about future burns, particularly around the SHIB news concerning the Shiba Inu metaverse and other projects.

Rumours of a 111 trillion annual SHIB burn using the ecosystem, first reported exclusively by Planet Crypto, continue to swirl,. However, the Shiba Inu team has warned this was simply one calculation and prediction, and should not be taken as a guarantee.

Most upcoming projects in the Shiba ecosystem are set to include some burning functionality, barring the Shiba Inu Game.