Shiba Inu (SHIB) He turned four on August 1, a remarkable milestone for a meme coin, especially considering how far it has come. One of Shiba Inu’s most essential moments was his symbolic burnswhich could be viewed throughout July.
Over 379 million SHIB tokens burned in July
Shiba Inu Shibburn Tracker revealed on X (formerly Twitter) fasting that 379.5 million SHIB tokens were burned in July. However, this represented a 58.57% drop compared to the previous month, when over 918 million SHIB tokens were burned. Meanwhile, looking back, data Shibburn reports over 410.7 trillion tokens burned Initial Shiba Inu deliveries.
This includes the eminent SHIB token burn by Ethereum Co-Founder Vitalik ButerinVitalik is known to have burned 410 trillion SHIB tokens (almost half of the meme coin’s total supply), which were part of the 500 trillion Shiba Inu tokens sent to him by meme coin founder, Ryoshi.
Vitalik’s move undoubtedly set a remarkable precedent for the Shiba Inu community, one that continues to be upheld in terms of how dedicated the team and community were to removing as many SHIB tokens from circulation as possible. This commitment led the team to allocate a portion of the transaction fees earned to Shibarium Network to perform more SHIB burns.
Even though Shibarium was launched in the second half of last year, it was responsible for 33.8 billion SHIB tokens of the 76 billion tokens burned in all of 2023. Although the Layer 2 network did not earn much from the SHIB token burn this year, Shibarium is expected to play an essential role in future token burns, especially as network activity recovers.
This token burn is also significant because the goal is to drastically reduce the circulating supply of the Shiba Inu to further augment its value. The price of the meme coin could skyrocket as demand for the token outweighs its dwindling supply. According to the Shiba Inu burn tracker, the meme coin could skyrocket to $0.01 if its circulating supply drops to just over 127 trillion.
Shiba Inu’s Impressive Journey Through Cryptocurrency
Shiba Inu Marketing Manager Luciehe devoted time to bounce about the Shiba Inu’s “incredible journey” with a list of the meme coin’s achievements to date. She highlighted SHIB Journey as one example of a “rags to riches” trend, seeing the meme coin rise from $0.000000000056 to an all-time high of $0.00008616 in October 2021, an unprecedented 150 million percent price augment.
Lucie mentioned that Shiba Inu Community (known as SHIB Army) currently boasts over 3.8 million members. She described them as the “Power of the Pack” and noted that they are more than just investors, but also a “passionate and powerful family that drives the project’s success.”
Additionally, the Shiba Inu team member noted that SHIB has developed into a “comprehensive ecosystem” that now includes its blockchain network, decentralized exchange (DEX), non-fungible tokens (NFTs)and even a metaverse project.
Featured image created with Dall.E, chart from Tradingview.com
