Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB) had an eventful July, with the total number of tokens burnt underscoring its moves to set a deflationary pace that might help maintain its price action. Based on data from Shibburn, the Shiba Inu burn rate has jumped by more than 1,529.20% in the past 24 hours, with over 8.5 million incinerated in the past 24 hours.
SHIB burn trend
The Shiba Inu burn trend has seen more than 379 million SHIB burnt in the past month. While this total number of burnt tokens is small compared to previous months, it is still proof that the Shiba Inu community is committed to the protocol’s deflationary agenda.
Godfrey BenjaminThe Shiba Inu burn metrics have revealed that the meme coin protocol has recorded a massive 410,727,787,201,774 SHIB burnt to date.
With this amount taken out of circulation, the Shiba Inu ecosystem now has a cumulative 583,407,766,765,581 SHIB left in circulation. The ultimate ideology here is that with more scarcity introduced via burning, the more likely the price of Shiba Inu will gain the needed boost for a sustained rally.
Shiba Inu and ecosystem trends
While SHIB burning is a byproduct of community goodwill, Shiba Inu is committed to boosting utility all the more. As seen at the moment, this is embodied in the launch of the user-engaging Shiba Eternity game on Shibarium, currently in closed beta.
While only LEASH holders can gain exclusive access to the game for now, it will eventually open to the broader community soon. Besides these, core developers are exploring various utility applications that can go live on Shibarium to bring real value to users.
Arman ShirinyanIf this is achieved in the long term, the goal is to boost the demand for Shiba Inu such that this can match the supply crunch from burning, sending the price up. At the time of writing, SHIB is in a dramatic slump mode and is priced at $0.00001596, down by 2.56% in 24 hours.
Gamza Khanzadaev
Denys Serhiichuk
Dan Burgin
Alex Dovbnya
Vladislav Sopov