Shiba Inu Community Destroys 3.26 Billion SHIB in April Amid Price Decline

Shibburn reports that over 3.26 billion Shiba Inu tokens were burned in April 2023 across 125 transactions. These figures are lower than the total SHIB burns in March 2023, which was 6.78 billion SHIB tokens burned through 540 transactions.

The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “burn address.” This address is a designated address created to hold the tokens to be burned permanently.

The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. Notably, a token’s scarcity sees demand higher than supply leading to a boost in price. Despite the high number of token burns, SHIB’s price is still declining.

(by Eli Dambel)