1.4 Billion Shiba Inu (SHIB) Tokens Burned in October

The Shiba Inu (SHIB) community is actively researching a potential new burning mechanism that might be capable of eliminating trillions of tokens annually

1.4 Billion Shiba Inu (shib) Tokens Burned In October_65b96e5f9a719.webp

Shiba Inu (SHIB), a prominent meme coin, introduced its burning mechanism at the beginning of 2022 to actively reduce the circulating supply of tokens. Token burning holds significant importance in the cryptocurrency world, as it directly impacts the scarcity and value of a digital asset.

Since its initiation, SHIB’s burning mechanism functioned persistently, aiming to decrease the circulating token supply. Over time, the project evolved, exhibiting fluctuating rates of token elimination. Up until October 2023, the burning process showcased notable variations, especially in the last month, wherein 1.46 billion tokens were burnt across 753 transactions, as reported by Shibburn, a tracking tool dedicated to SHIB’s burn statistics.

🔥🔥🔥 1,461,135,923 $SHIB tokens have been burned in the month of October with 753 transactions. #SHIB pic.twitter.com/fw6g9DQaOy

— Shibburn (@shibburn) November 1, 2023

Despite the considerable volume of tokens eliminated in October, it remains minute compared to SHIB’s vast circulating supply of 589 trillion. Moreover, the burning rate exhibited a significant 37.12% decrease since September 2023. In the previous month, 2.32 billion SHIB tokens were eradicated through 426 separate transactions, indicating a substantial reduction in the burning rate.

The dwindling burning rate in October, despite a price surge, could be attributed to reduced network activity, resulting in lower fees and consequently fewer tokens being burnt. Additionally, the decreased movement of whale investors might have contributed to the decline in burning incidents.

Related: Top 3 Cryptocurrencies Under $1 Worth Watching

Moreover, SHIB’s burning rate has suffered noticeable setbacks in recent months. It rarely achieved three-digit rates, apart from sporadic surges. Previously, instances of burning rates reaching four-digit figures were observed.

The Shiba Inu (SHIB) community is actively researching a potential new burning mechanism that might be capable of eliminating trillions of tokens annually. However, the specifics and operationalization of this new burning mechanism remain unclear. If this new mechanism can eradicate substantial quantities of SHIB tokens annually, it could potentially lead to a sudden reduction in the token supply, consequently impacting the asset’s value significantly.


In summary, the decline in SHIB burning rates signifies a challenge for the project, potentially affecting its value. The community’s pursuit of a new burning mechanism poses hope for revitalizing the burning process, thereby impacting SHIB’s market dynamics.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Azcoiner Exclusive Event On Bingx

Airdrops | Altcoin | Editor Choice

AZcoiner Exclusive Event on BingX

Join the exclusive event hosted by AZCoiner in collaboration with the BingX exchange to receive attractive rewards of up to $2000. Participate now to avoid missing out!

Azcnews Breaking

Editor Choice | Research

What is Pump and Dump? What Should You Do When This Phenomenon Occurs?

The phenomenon of Pump & Dump is quite prevalent in the cryptocurrency market. So, what is Pump? What is Dump? And what should you do when this phenomenon occurs? Let's find out through the article below!

Azcnews1 Breaking

Editor Choice | Research

What is Runes Protocol? The Protocol Generating Heat Ahead of the Halving

After Halving, the narrative will only revolve around Bitcoin and Runes is a story just like that. So, what is Runes protocol? Let's find out right away!

Azcnews Breaking

Editor Choice | Research

What is Staking Crypto? Tips to Maximize Profit When Holding Coins

When you hold any coin without knowing how to optimize its profitability, coins with staking mechanisms help you generate additional profits while you hold them. So, what is Staking? What are the benefits of staking? Let's find out!


News | Bitcoin | Editor Choice

Bitcoin Rises to $65,000 Just Hours Before Halving

Bitcoin surged to $65,000, experiencing a nearly 8% fluctuation in just a few hours, amidst signs of easing tensions in Iran.