Shiba Inu holders have burned SHIB to the dead wallet over 1000 times, with the majority coming after October 2021.
Of the 1028 burns to take place, 822 of these transactions happened after October 1. October was also the most popular month for burning SHIB, with 399 burns, compared to November’s 231 that burned 2 billion SHIB.
The first burn came from Ethereum founder Vitalik Buterin, who burnt 410 trillion SHIB - or 41% of the circulating supply.
SHIB Burning Transactions Reaches Quadruple Figures
Despite the prominence of burning in October, November and December, only one of the top 5 SHIB burns happened in this period. The second-largest burn, done by the Mini Shiba Inu token, destroyed 6.7bn SHIB on September 10. Worth $47,000 on the day of transfer, this SHIB is now worth $200,000.
Meanwhile, the smallest SHIB burn saw 0.000000000000000055 SHIB destroyed on June 3 - worth $0.0000000000000000000016. The holder paid $2.31 in gas fees, too.
In total, 14.2bn SHIB has been burned since Buterin’s initial burn. This is just 0.003% of the amount destroyed by the Ethereum founder.
Of the burns, some 58% - or 601 transactions - came from the same address - thought to be a Coinbase hot wallet. This doesn’t suggest Coinbase itself is burning SHIB, however. Instead, it is more likely that its users are sending SHIB to the dead wallet through the exchange. The total burned through this method is 1.25bn SHIB or $37,000.
Excluding Buterin’s burn, the median burn amount is 999,482.5 SHIB - valued at $29.49.
SHIB burning has become a rallying point for the ShibArmy. Projects such as the Bricks Buster game and SHIB Burner playlist gained support from holders for their burning efforts.
Read More: Shiba Inu Coin Roadmap: Every SHIB Update Coming In The Future
[Image: Unsplash/Ricardo Gomez Angel]