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Shiba Inu (SHIB) turned four on August 1, a remarkable milestone for the meme coin, especially considering how far it has come. One of Shiba Inu’s highlights has been its token burns, which were again on display throughout July.
Over 379 Million SHIB Tokens Burned In July
Shiba Inu’s burn tracker Shibburn revealed in an X (formerly Twitter) post 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 down memory lane, data from Shibburn shows that over 410.7 trillion tokens have been burned from Shiba Inu’s initial supply.
Source: Shibburn
This includes the famous SHIB token burn by Ethereum’s co-founder, Vitalik Buterin. Vitalik is known to have burned 410 trillion SHIB tokens (almost half of the meme coin’s total supply), which formed part of the 500 trillion Shiba Inu tokens sent to him by the meme coin’s founder, Ryoshi.
Vitalik’s move undoubtedly set a remarkable precedent for the Shiba Inu community, which has continued to be upheld in terms of how dedicated the team and community have been to removing as many SHIB tokens as possible from circulation. This commitment led the team to allocate some of the transaction fees earned on the Shibarium network to undertaking more SHIB burns.
Despite launching in the second half of last year, Shibarium was responsible for 33.8 billion SHIB tokens out of the 76 billion tokens burned throughout 2023. Although the layer-2 network hasn’t made much in SHIB token burns this year, Shibarium is still expected to play a major role in future token burns, especially as network activity picks up.
These token burns are also significant as the goal is to drastically reduce Shiba Inu’s circulating supply to drive up its value further. The meme coin’s price could skyrocket massively as demand for the token outpaces its dwindling supply. According to the Shiba Inu’s burn tracker, the meme coin can rise to $0.01 if its circulating supply drops to just over 127 trillion.
Shiba Inu’s Impressive Journey In The Crypto World
Shiba Inu’s Marketing Lead, Lucie, took time to reflect on Shiba Inu’s “incredible journey.” with a list of the meme coin’s achievements so far. She highlighted SHIB’s journey as one of “rags to riches,” seeing how the meme coin rose from $0.000000000056 to an all-time high of $0.00008616 in October 2021, an unprecedented price gain of 150 million percent.
Lucie mentioned that the Shiba Inu community (known as the 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, driving the project’s success.”
Furthermore, the Shiba Inu team member remarked that SHIB has evolved into a “comprehensive ecosystem” that currently features its 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
