Meme Coin Goes Up in Flames: Here’s How the Record Burn in April Happened

Shibburn, a community-driven tracking platform, recently broke the April burn record in a post on X. emphasized. According to the update, Shiba Inu community members removed more than 1.696 billion SHIB tokens from circulation in April. Shibburn estimated the monetary value at $37,254.

🔥🔥🔥 1,695,717,536 $SHIB tokens have been burned in the month of April with 204 transactions. #SHIB

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Attention: Most of the $SHIB that were burnt this month were being sent to the Contract Address. This isn’t due to any big news or anything as many reported… it’s just folks… pic.twitter.com/QPk09fWit3

— Shibburn (@shibburn) May 1, 2024

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Shiba Inu April SHIB Burn

It is noteworthy that these burning processes were carried out in a total of 204 different processes. April 13 saw the highest burning activity of the month, with over 600 million SHIBs burned on that day. This coincided with high breeding activity on April 13, when the price of the Shiba Inu dropped to $0.0000185.

Additionally, April 20 was another day when SHIB burning efforts increased, approaching 400 million tokens. Notably, most of the burns in April were below 100 million.

Overall, about 1.7 billion burned in April meme coin, reflecting an 89.16% decrease in the monthly burn rate. In March, community members eliminated 15.64 billion SHIB tokens worth more than $547 thousand. The burn rate in March increased by a staggering 2,330% compared to the previous month.

In addition, March was the month when Shiba Inu witnessed the most significant SHIB burning compared to others, while February was the worst month ever with only 643 million SHIB burnings.

Shiba Inu burns increased noticeably in March, with SHIB surpassing $0.000045, a level last seen three years ago. However, the asset subsequently lost more than half of that value in April, and overall market sentiment for the month was bearish.

How Did SHIB Burn 1.69B Tokens in April?

Meanwhile, Shibburn revealed that a significant portion of the SHIBs burned last month were assets sent to the Shiba Inu contract address. Shibburn added that actions were not influenced by major news events as some have suggested.

Instead, some people accidentally transferred their SHIB tokens to the contract address without actually intending to burn them. Because of this misstep, SHIB effectively lost their investment.

In this regard, Shibburn urges community members to be more careful and before pressing the transfer button. crypto- urged to double check wallet addresses.