Shiba Inu Community Incinerates 2.09 Billion SHIB in Epic Burn Spree, SHIB Price Surges by 9.6% in a Month
Shiba Inu’s monthly burn rate witnessed an impressive surge of 26.65% in the past thirty days, as the Shiba Inu Community set fire to a staggering 2.09 billion SHIB tokens. The burn took place through 412 separate transactions, permanently removing these tokens from circulation. This significant increase in burn activity has driven the price of SHIB to appreciate by 9.6% in the last month, leading the cryptocurrency to claim the 14th spot in the global market capitalization rankings.
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🔥🔥🔥 2,094,566,264 $SHIB tokens have been burned in the month of July with 412 transactions. #shib pic.twitter.com/9qK8JweQgY
— Shibburn (@shibburn) August 1, 2023
Shiba Inu community burns above 2 billion SHIB in July
The Shiba Inu Community orchestrated this remarkable feat by burning 2,094,566,264 SHIB, surpassing the previous month’s burn of 1.65 billion SHIB via 164 individual transactions. This impressive display of commitment towards reducing the circulating supply has been the driving force behind the increase in SHIB’s value.
Notably, Akai Token (AKAI), the newly launched project, emerged as the top SHIB burner for the month. On July 10, the AKAI project single-handedly eliminated a massive 803.96 million SHIB tokens from circulation through 102 distinct transactions. This epic-burn spree contributed significantly to the community’s efforts to reduce the token’s supply.
Another notable contributor to the burn was a mysterious wallet, which sent 102.60 million SHIB tokens to the dead wallet in a single transaction on July 21. Additionally, a dormant wallet that remained inactive for nearly two years also made a substantial contribution by transferring its entire SHIB holdings, totalling 77.52 million tokens, to the “inferno” address in a robust transaction on July 19.
The Shiba Inu Community’s commitment to reducing SHIB’s supply did not wane in the past week either. In the last seven days alone, the community permanently removed 268.19 million SHIB from circulation through 107 individual transactions. This ongoing burn activity has captured the attention of the crypto community, driving positive sentiment around SHIB’s prospects.
SHIB price movement
As of the time of writing, Shiba Inu is currently trading at $0.00000829, representing a slight -1% decrease over the last 24 hours. The cryptocurrency boasts a 24-hour trading volume of $177.27 million, indicating robust market interest and liquidity.
Investors and enthusiasts are closely monitoring Shiba Inu’s burn activity and price performance, as the community’s efforts continue to shape the token’s trajectory in the global cryptocurrency market. With its recent price surge and remarkable burn rate, Shiba Inu has demonstrated its resilience and potential for further growth, solidifying its position as a noteworthy player in the crypto space.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
