As an analyst with years of experience in the volatile world of cryptocurrencies, I must admit that Shiba Inu’s journey has been nothing short of extraordinary. The sheer resilience and dedication shown by its community, the SHIB Army, are truly commendable.
On August 1st, Shiba Inu (SHIB) celebrated its fourth birthday, an impressive achievement for the meme cryptocurrency, given its significant progress. Notably, one of Shiba Inu’s key features is its token burn events, which were active 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.
As an analyst, I’d rephrase that as follows: “I’ve observed a significant event involving the SHIB token – Vitalik Buterin, one of Ethereum‘s co-founders, burned approximately half of the total supply of this meme coin (410 trillion tokens). Interestingly, these tokens were initially sent to him by Ryoshi, the founder of Shiba Inu.”
Vitalik’s action significantly influenced the Shiba Inu community, with its members consistently demonstrating high dedication towards reducing the number of SHIB tokens in circulation. This devotion even extended to utilizing a portion of the transaction fees generated on the Shibarium network for conducting additional token burns.
Even though Shibarium was introduced in the latter part of the previous year, it accounted for approximately 44% (33.8 billion out of 76 billion) of the SHIB tokens burned throughout the entirety of 2023. Although Shibarium hasn’t significantly contributed to token burns this year, it is anticipated that it will have a significant impact on future burns, particularly as network usage increases.
1. The act of burning these tokens is crucial because it aims to significantly decrease the number of Shiba Inu coins in circulation, which could boost its worth even more. Since the demand for this meme coin continues to grow faster than its diminishing supply, its price might experience a tremendous surge. As per the Shiba Inu’s burn tracker, if its circulating supply falls below 127 trillion, it could potentially reach a value of $0.01.
Shiba Inu’s Impressive Journey In The Crypto World
Lucie, the Marketing Lead for Shiba Inu, spent some time contemplating the remarkable journey that SHIB has been on. She compiled a list of its notable accomplishments to date. Lucie described this journey as a classic “rags-to-riches” tale, given that the meme coin started at $0.000000000056 and reached an astounding all-time high of $0.00008616 in October 2021—a staggering price increase of approximately 150 million percent, a feat unparalleled in the world of cryptocurrencies.
Lucie pointed out that there are now over 3.8 million individuals who make up the Shiba Inu community, often referred to as the SHIB Army. She likened them to a strong pack, emphasizing that they are not just investors but also a dedicated and powerful family, playing a crucial role in propelling the project’s achievements.
Additionally, a representative from the Shiba Inu team pointed out that SHIB has grown into an expansive system encompassing elements such as its blockchain platform, a decentralized trading platform, NFTs, and a venture into the metaverse realm.
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2024-08-02 18:42