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Shiba Inu Records 3.6 Billion SHIB Burned in August with Only 59% of Initial Supply Left

Thu, 09/01/2022 - 13:34
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Gamza Khanzadaev
Burning 3.6 billion SHIB in August brings total summer burns to five digits
Shiba Inu Records 3.6 Billion SHIB Burned in August with Only 59% of Initial Supply Left
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According to Crypto Eye, a portal that compiles detailed statistics on Shiba Inu, the number of SHIB burned in August was 3.6 billion tokens. This stat brings the figure of SHIB burned over the summer to 12.67 billion tokens, or $154,507 in fiat equivalent. Only 589.62 trillion, or 59% of SHIB, remains from Shiba Inu's total initial offering of 1 quadrillion.

From the interesting statistics provided at the source, we can also note that the number of SHIB holders exceeds two million addresses. At the same time, if we compare this data with the data given by U.Today in May, before the strongest fall of the crypto market, we can conclude that the number of holders has doubled. During the last month of summer, the number of recruits in the ranks of the SHIB army increased by 27,420, according to the portal.

Is burning a dozen billion SHIB per quarter enough?

The question of SHIB burns remains ambiguous. On the one hand, during the existence of the project, 41% of the total supply was burned. On the other hand, we have data on the burning of only $154,507 per quarter. If we extrapolate this number for the year, we get about $600,000, which is in fact equal to 1% of the current capitalization of Shiba Inu. It does not seem to be much.

Nevertheless, though burning is an incredibly attractive feature for a token, it does not seem worth worrying about. In any case, if SHIB manages to prove that it is not just a "funny memecoin" but a serious crypto start-up, its price will be appreciated.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.