Shiba Inu Burns Were 370% Higher in May than in April, Why?

Paigambar Mohan Raj
Shiba Inu
Source – Times Tabloid

In the month of May 2023, a total of 15.36 billion Shiba Inu (SHIB) tokens were burned. The burns took place over 191 transactions. What’s impressive is that in May the total number of burns was 370% more than that in April 2023. In that particular month, only 3.26 billion SHIB tokens were removed from circulation.

Nonetheless, the increased burns were not enough to push SHIB’s price upwards. Rather, the price of the asset gained an extra zero to its value. In fact, Shiba Inu’s burn portal has rarely contributed to a positive price movement. SHIB’s price has been on a downward trend after hitting a yearly high in early February.

Why did the number of Shiba Inu tokens burned in May increase?

The increase in burns can be attributed to a number of different projects participating in the burn mechanism. Blaze Token was the top SHIB burner in May. Through five different transactions, the project permanently removed 11,557,310,052 (11.5B) SHIB from circulation. Additionally, Blaze Token sent 3,601,495,249 (3.60B) SHIB to the dead wallet on May 29, which was the greatest burn transaction of the month.

A new coin on ShibaSwap DEX called MARSWAP was the second biggest burner in May. On May 24, the project deleted 1,350,604,128 (1.35B) SHIB tokens across 100 distinct transactions. Along with these well-known burners, the Coinbase 10 wallet has also contributed to the decline in the supply of SHIB. On May 28th, the wallet successfully destroyed 200,583,666 (200.58M) SHIB in a single transaction.

Nonetheless, the increased burns were not enough to stop Shiba Inu (SHIB) from losing 14.4% of its value in the last 30 days. Moreover, the token is down by more than 90% from its all-time high of $0.00008616. At press time, SHIB was trading at $0.00000848, up by 0.1% in the last 24 hours.