At a time when the price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) is soaring along with the number of its holders, the community behind $SHIB has burned over 3.7 billion $SHIB tokens in just a month of August.
Shiba Inu, a cryptocurrency inspired by memes, has been using token burns to reduce its circulating supply and increase scarcity. According to Shiba Inu burn tracking platform Shibburn, last month 528 transactions destroyed a total of 3.7 billion tokens.
Over 2,100 Ethereum addresses have interacted with Shiba Inu’s burn portal on ShibaSwap, a decentralized exchange that powers cryptocurrencies inspired by memes. Users have already burned a total of 63 billion SHIB tokens on the platform.
Although last month had one of the lowest monthly burn totals since the opening of the Shiba Inu burn portal, it is important to note that some of the most prominent burn donations occurred toward the end of August. For instance, 4.7 billion tokens were burnt in July.
The price of the meme-inspired cryptocurrency increased significantly between the beginning of July and the end of August, thus these numbers do not imply that the Shiba Inu community’s efforts produced less, and it is possible that the burns were worth as much as or perhaps more in USD terms.
The SHIB-inspired coin “1Cent,” which wants to lower the meme-inspired cryptocurrency’s price to $0.01, as well as several other community efforts, are major contributors to the Shiba Inu burn. The SHIB Super Store is one such undertaking.
Notably, according to information from the Ethereum blockchain, the total number of addresses holding the meme-inspired cryptocurrency has also been rapidly increasing, surpassing 1.2 million throughout last month and having already increased to 1.216 million.
Before it was launched on the cryptocurrency trading platform LBank, $BONE, one of the cryptocurrencies in the Shiba Inu ecosystem, had a price explosion late last month. The Shiba Inu ecosystem’s governance token is called BONE.
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