Anika Begay
Shiba Inu (SHIB) turned four on August 1st, a remarkable milestone for the meme currency, especially considering how far it has come. One of the highlights of the Shiba Inu has been its Token Burnswhich remained on display again throughout the month of July.
Over 379 million SHIB tokens burned in July
Shibburn, the Shiba Inu burn tracker revealed in an X (ex Twitter) send that 379.5 million SHIB tokens were burned in July. However, this marked a 58.57% decline from the previous month, when over 918 million SHIB tokens were burned. Meanwhile, going back in time, data from Shibburn shows that over 410.7 trillion tokens have been burned Initial supply of Shiba Inu.
This includes the famous SHIB token burned by Ethereum co-founder Vitalik ButerinVitalik is known to have burned 410 trillion SHIB tokens (nearly half of the total supply of the meme coin), which were part of the 500 trillion Shiba Inu tokens sent to him by founder of the meme coin, Ryoshi.
Vitalik’s move has undoubtedly set a notable precedent for the Shiba Inu community, which has continued to be sustained in terms of the team’s and community’s dedication to removing as many SHIB tokens from circulation as possible. This commitment has led the team to allocate some of the transaction fees earned on Shibario Network to undertake more SHIB burns.
Despite launching in the second half of last year, Shibarium has been responsible for 33.8 billion SHIB tokens of the 76 billion tokens burned during 2023. Although the layer-2 network has not done much in terms of 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 meme coin’s price could skyrocket massively as demand for the token outstrips its declining supply. According to the Shiba Inu burn tracker, the meme coin could rise to $0.01 if its circulating supply drops to just over 127 trillion.
The Shiba Inu’s Impressive Journey Into the World of Cryptocurrencies
Shiba Inu Marketing Manager, Lucietook time for reflect on the Shiba Inu’s “incredible journey,” with a list of the meme coin’s achievements so far. He highlighted SHIB’s Journey as one of the “rags to riches,” as the meme coin surged from $0.000000000056 to an all-time high of $0.00008616 in October 2021, an unprecedented 150 million percent price increase.
Lucie said that the Shiba Inu Community (known as SHIB Army) currently boasts 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, team member Shiba Inu noted that SHIB has evolved into a “complete ecosystem” that currently features its own blockchain network, a decentralized exchange (DEX), Non-Fungible Tokens (NFTs)and even a metaverse project.
Featured image created with Dall.E, chart from Tradingview.com
