Shiba Inu (SHIB) recently celebrated its fourth birthday, a big milestone for the meme coin. It’s come a long way since its launch and has seen some major highlights, including its token burns.
Burning SHIB: A Look at the Numbers
In July, over 379 million SHIB tokens were burned, a significant amount! However, this was a bit of a dip compared to the previous month, where over 918 million were burned.
Overall, over 410.7 trillion SHIB tokens have been burned from the original supply. This includes the famous burn by Ethereum co-founder, Vitalik Buterin, who burned almost half of the total supply. This set a precedent for the Shiba Inu community, who are dedicated to removing as many SHIB tokens from circulation as possible.
The Shibarium network, launched last year, has played a role in burning SHIB tokens. While it hasn’t burned as many this year, it’s expected to be a major player in future burns as network activity increases.
These burns are important because they aim to drastically reduce Shiba Inu’s circulating supply, which could drive up its value. If the circulating supply drops to just over 127 trillion, SHIB could reach $0.01!
Shiba Inu’s Journey: From Rags to Riches
Shiba Inu’s Marketing Lead, Lucie, reflected on the meme coin’s “incredible journey,” highlighting its rise from practically zero to an all-time high of $0.00008616 in October 2021. That’s a price gain of 150 million percent!
The Shiba Inu community, known as the “SHIB Army,” now boasts over 3.8 million members. They’re more than just investors, they’re a passionate and powerful family, driving the project’s success.
Shiba Inu has evolved into a comprehensive ecosystem, featuring its own blockchain network, a decentralized exchange (DEX), non-fungible tokens (NFTs), and even a metaverse project.
