Shiba Inu Turns 6: Here’s How Many SHIB Tokens Were Burned in July

The SHIB team and community have scorched billions of tokens in the past month.

The resurgence of the burning program has coincided with the positive performance of the self-proclaimed Dogecoin killer, whose price has jumped by 10% within that period.

Big Burn, But There’s a Catch

The X account Shibburn revealed that over 3.2 billion SHIB have been transferred to a null address in July, permanently removing them from circulation. This represents a major 1,395% increase from the June figure.

The July number may seem substantial, but its USD equivalent is less than $17,000. It’s also important to note that the major burns occurred only during a handful of days toward the end of the month, while during the remaining days there wasn’t much action on that front. On July 27, for instance, the team and community scorched almost 1.3 billion tokens, nearly 40% of the total amount.

The core purpose of SHIB’s burning mechanism is to reduce the token’s supply and make SHIB more valuable via scarcity. But with more than 585 trillion coins in circulation, the remaining amount is enormous, meaning the team and community should up their game to trigger a rally.

Meanwhile, the meme coin has posted a 10% increase over the last 30 days, potentially propelled by the rising burn rate and certain whale activity, which CryptoPotato reported on.

Happy Birthday, Shiba Inu

On August 1, the meme coin project celebrated its sixth anniversary. The SHIB Army expected an ecosystem update or a major announcement on that day, but instead the team simply outlined the rise from “zero to a global movement” and said that “the experiment continues.”

Many X users congratulated Shiba Inu for its birthday, yet others voiced clear disappointment over the lack of meaningful progress lately, as well as the massive price collapse the native token has suffered over the past years.

The post Shiba Inu Turns 6: Here’s How Many SHIB Tokens Were Burned in July appeared first on CryptoPotato.

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