Shiba Inu Community smashes all previous records for the number of SHIBs burned in a month. In May 2022, over 31.05 billion Shiba Inu (SHIB) tokens were removed from circulation. The “ShibaBurn Rewards” are being considered to be the primary factor for this change in the burn rate.
Shibburn.com just announced a monthly burn figure, reporting that the community destroyed 31,059,157,423 (31.05B) SHIB tokens in 1,331 distinct burns in May 2022. This is a record month for Shiba Burning, as this amount is up 18% over the previous month, when just 26,109,968,050 (26.10B) SHIB tokens were burned.
The big burn follows the announcement of the first distribution of ShibaBurn incentives among SHIB Burners by Ryoshi Vision, an official Shiba Inu ecosystem partner token. This declaration earns the Shiba Inu community’s trust and motivates additional Shiba Inu token holders to burn their SHIB tokens for prizes.
Burning Shiba Inu Coins Via Amazon
Travis Johnson’s SHIB Burn Games, one of the most well-known community-led SHIB Burner projects, introduced a new means to burn SHIB on May 26 (Thursday), namely, Burning SHIB via Amazon. The official website of SHIB Super Store has been accepted into the Amazon affiliate network, according to the company. As a result, it is now possible to burn Shiba Inu tokens on Amazon.
How Does Coin Burning Help Crypto?
Coin burning is the process of destroying a coin so that it can no longer be used (trading or otherwise). The coins will be sent to specialised addresses with inaccessible private keys by the developers and miners. Furthermore, they should make the proof-of-burn algorithm available to the market in order to promote cross verification. The burning of crypto coins reduces the supply, which theoretically acts to increase the currency’s price and benefit investors.
Besides monthly burns, a total number of 52,676,849 (52.67M) SHIB have been burned by Shiba Inu Community through 10 separate transactions in the last 24 hours, with the help of the SHIB Burn Portal, Shibburn.com reports
