Shiba Inu (SHIB) turned four years old on August 1, a remarkable milestone for the meme coin, especially considering how far it has come. One of the highlights of Shiba Inu has been its Burning tokenswhich were back on display throughout the month of July.
Over 379 million SHIB tokens were burned in July
Shiba Inu Shibburn Tracker Revealed on an x (formerly twitter) x.com/shibburn/status/1818859744901177647″ rel=”nofollow” target=”_blank”>mail that 379.5 million SHIB tokens were burned in July. However, this marked a 58.57% decrease from the previous month, when over 918 million SHIB tokens were burned. Meanwhile, going back in time, data Shibburn's data shows that over 410.7 billion tokens have been burned. Initial supply of Shiba Inu.
This includes the famous SHIB token burn by ethereum co-founder Vitalik ButerinVitalik is known to have burned 410 billion SHIB tokens (almost half of the meme coin's total supply), which were part of the 500 billion Shiba Inu tokens sent to him by the The founder of the meme coin, Ryoshi.
Vitalik's decision certainly set a notable precedent for the Shiba Inu community, which has remained in terms of the team and community's dedication to removing as many SHIB tokens from circulation as possible. This commitment led the team to allocate part of the transaction fees earned in the Red Shibarium to perform more SHIB burns.
Despite its launch in the second half of last year, Shibarium was responsible for 33.8 billion SHIB tokens of the 76 billion tokens burned throughout 2023. Although the Layer 2 network has not gained much in SHIB token burns this year, Shibarium is still expected to play a major role in future token burns, especially as network activity increases.
These token burns are also significant as the goal is to drastically reduce the circulating supply of Shiba Inu to further increase its value. The price of the meme coin could skyrocket as demand for the token outstrips its dwindling supply. According to the Shiba Inu burn tracker, the meme coin can rise to $0.01 if its circulating supply drops to just over 127 billion.
Shiba Inu's impressive journey into the world of cryptocurrencies
Lucie, Marketing Director at Shiba Inutook time to x.com/LucieSHIB/status/1818924868471001206″ rel=”nofollow” target=”_blank”>reflect about the “amazing journey” of Shiba Inu, with a list of the meme coin’s achievements so far. He highlighted SHIB's journey as one of the “rags to riches” trends, seeing how the meme coin rose from $0.000000000056 to an all-time high of $0.00008616 in October 2021, an unprecedented 150 million percent price increase.
Lucie mentioned that the Shiba Inu Community (known as the SHIB Army) currently has over 3.8 million members. He described them as the “power of the pack” and noted that they are more than just investors, but also a “passionate and powerful family, driving the success of the project.”
Additionally, the Shiba Inu team member commented that SHIB has evolved into a “comprehensive ecosystem” that currently features its blockchain network, a decentralized exchange (DEX), Non-fungible tokens (nft)and even a metaverse project.
Featured image created with Dall.E, chart from Tradingview.com
