### On-Chain Shiba Inu Token Burns Surge to 918 Million in June 2024
In June 2024, data from Shibburn, a community-driven burn tracker, revealed that the Shiba Inu community burned a staggering 918,079,655 SHIB tokens across 237 transactions. This significant burn event underscores the community’s active engagement in reducing token circulation.
At the current exchange rate of $0.00001732 per SHIB, the total value of tokens burned amounts to approximately $15,901. The largest burns included a transfer of 225 million SHIB to a dead wallet by an anonymous user on June 11 and a transaction involving 100 million SHIB by prominent community member 1c Dream on June 13.
The total number of burns in June, including these notable transactions and 235 others, marks a substantial increase compared to previous months. In May, for instance, 369,173,694 SHIB tokens were permanently removed from circulation, indicating a 148.68% month-over-month increase in burn rate for June.
Since the beginning of 2024, Shiba Inu-related burns have seen escalating momentum. Led largely by the Shibarium team and community enthusiasts, 29.2 billion SHIB tokens, valued at $505,898, have been permanently destroyed in the first half of the year. April and May witnessed burns of 1.69 billion and 369.17 million SHIB tokens, respectively.
The trend continued into July, with an unidentified user burning 291,475,420 SHIB tokens in a single transaction. This recent burn adds to the ongoing surge, pushing the 24-hour burn rate up by 4,677%, with 301,686,518 SHIB tokens destroyed so far.
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