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Despite not recording any Shibarium-powered burns in February 2024, Shiba Inu still witnessed the incineration of over 643 million tokens last month.
Leading canine-themed crypto project Shiba Inu witnessed hundreds of millions of SHIB tokens burned in the past month.
According to data shared by Shibburn, the Shiba Inu community incinerated a total of 643,656,418 (643.65 million) tokens worth $8,264 in February 2024. Shibburn noted that the 643.65 million tokens were sent to Shiba Inu’s official dead wallets in 134 transactions.
🔥🔥🔥 643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o
— Shibburn (@shibburn) March 1, 2024
The amount of SHIB burned in the month of February represents a tiny chunk of Shiba Inu’s massive supply of nearly 590 trillion tokens.
February Burn Less Than Previous Months
Additionally, the number of tokens burned in February is nothing compared to the total SHIB destroyed in January 2024 and December 2023.
As reported on February 1, the Shiba Inu community destroyed approximately 9.93 billion SHIB tokens in January alone. Similarly, Shiba Inu witnessed 36 billion SHIB tokens burned in December 2023.
The reasons behind the surge in SHIB burns for these months can be attributed to the inclusion of Shibarium-powered burns.
Recall that the Shiba Inu team burned billions of SHIB tokens in the months of December and January using a portion of Shibarium gas fees. Specifically, the L2 network initiated four burns in December 2023 and one incineration in January 2024.
However, February did not witness any Shibarium-powered burns. The 643.65 million SHIB destroyed last month was initiated by Shiba Inu community members and ecosystem projects.
These enthusiasts and projects are committed to reducing the enormous supply of Shiba Inu to make SHIB more scarce and potentially valuable in the long run.
Automated Shibarium-Powered Burns to Commence Soon
Although there was no Shibarium-powered burn in February, the team is expected to resume the exercise in the coming months.
Plans are underway to launch a portal that will automatically burn SHIB. The development team revealed recently that the mechanism is undergoing rigorous testing on the testnet version of Shibarium, Puppynet.
After the testing is complete and the automatic burn process is fine-tuned, the protocol will be deployed on the mainnet.
SHIB Burn Rate Spikes 30,187% in 24 Hours
Meanwhile, Shiba Inu’s burn rate has surged tremendously over the past 24 hours. According to Shibburn data, the burn rate is up 30,187% in the past 24 hours.
The spike occurred following the incineration of 3,759,043 SHIB tokens in the past day.
Shiba Inu Price Surges By 43% in One Month
Meanwhile, Shiba Inu’s price has been on an uptrend lately, rallying over 43% in the past month and around 35% in the weekly charts.
Besides the burn initiative, the recent spike of Shiba Inu can be attributed to other factors like ongoing rally across the broader market and new updates rolled out by the team.
At press time, a unit of SHIB was trading at $0.00001280, marking a daily decrease of 12.3%.