The community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has burned over 3.7 billion $SHIB tokens over the month of August 2022 alone, at a time when both the cryptocurrency’s price and number of holders is rising.
According to Shiba Inu burn tracking platform Shibburn, last month 528 transactions destroyed a total of 3.7 billion tokens of the meme-inspired cryptocurrency, which has been using token burns as a way to dilute its circulating supply and boost scarcity.
Shiba Inu’s burn portal on ShibaSwap, a decentralized exchange powering meme-inspired cryptocurrencies, has already seen users burn a total of 63 billion SHIB tokens on it, with over 2,100 Ethereum addresses having interacted with the platform.
It’s worth noting that some of the most notable burn contributions came toward the end of August 2022, although the previous month saw one of the lowest monthly burns seen since the Shiba Inu burn portal was launched. In July, for example, 4.7 billion tokens were burned.
These figures do not mean the Shiba Inu community’s efforts yielded less, as the meme-inspired cryptocurrency’s price rose slightly from the beginning of July and throughout August, which may mean that the burns were worth as much as or more in USD terms.
Major Shiba Inu burn contributors include SHIB-inspired token “1Cent,” which aims to bring the meme-inspired cryptocurrency’s price to $0.01, and various other community projects. One such project is the SHIB Super Store.
Notably, the total number of addresses holding the meme-inspired cryptocurrency has also been steadily growing, topping 1.2 million throughout last month and having now grown to 1.216 million, according to data from the Ethereum blockchain.
Late last month $BONE, one of the cryptocurrencies within the Shiba Inu ecosystem, saw its price explode before it was listed on the cryptocurrency trading platform LBank. BONE is the governance token of the Shiba Inu ecosystem.
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