As a seasoned crypto investor with over two decades of experience in the digital asset landscape, I’ve learned to appreciate the intricacies and nuances that define the success or failure of a project. Shiba Inu (SHIB) has been an interesting case study for me, especially considering its meme coin origin and the community-driven approach to its development.
In July, Shiba Inu (SHIB) experienced a series of significant events. The burning of tokens is part of its strategy to create a deflationary environment, potentially stabilizing its price trends. According to Shibburn, the rate at which SHIB tokens are being burned has increased dramatically within the last 24 hours, by approximately 1,529.20%. This surge in burning resulted in over 8.5 million tokens being destroyed during this period.
SHIB burn trend
Over the past month, there has been a significant increase in the burning of Shiba Inu coins, with over 379 million SHIB tokens being destroyed. Although this figure pales in comparison to previous months, it underscores the dedication of the Shiba Inu community towards the deflationary goals embedded in the protocol’s design.
A staggering total of approximately 410 trillion Shiba Inu coins have been incinerated within the meme coin’s system so far, as indicated by the burn rate metrics.
After this removal, the total Shiba Inu circulating supply now stands at approximately 583 quadrillion SHIB. This reduction in supply is aimed at increasing scarcity through burning, which could potentially drive up the value of Shiba Inu, making it more likely for the coin to experience a prolonged price surge.
Shiba Inu and ecosystem trends
Although SHIB burning happens naturally due to community kindness, Shiba Inu continues to strive for enhancing its utility even further. This goal is currently being realized through the release of the interactive Shiba Eternity game on Shibarium, which is still in a closed testing phase.
At present, only those with a LEASH pass can enjoy exclusive early access to the game; however, this will be expanded to the wider public in the near future. Meanwhile, our core developers are actively investigating potential uses for Shibarium that could offer genuine benefits to users and potentially become available in the future.
In the future, if we successfully increase the desire for Shiba Inu coins to an extent that matches the shortage caused by burning them, this could significantly raise their price. However, it’s important to note that at the moment, SHIB is experiencing a significant decrease and is currently priced at $0.00001596, falling by 2.56% over the past day.
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2024-08-01 13:00