Bitrabo Editorial
Shiba Inu (SHIB) recently celebrated its fourth anniversary, showcasing its remarkable journey as a meme coin. An essential aspect of this journey has been the consistent token burns, with July 2024 being no exception.
Significant SHIB Tokens Burned in July
The burn tracker Shibburn reported that 379.5 million SHIB tokens were burned in July 2024. This marked a noticeable decrease of 58.57% compared to the previous month’s burn of over 918 million SHIB tokens. Since its inception, Shiba Inu has burned over 410.7 trillion tokens from its initial supply.
Vitalik Buterin, Ethereum’s co-founder, famously burned 410 trillion SHIB tokens, representing nearly half of the meme coin’s total supply. This action, along with ongoing efforts by the community and team to reduce SHIB tokens in circulation, demonstrates a strong commitment to token burns.
Shibarium, launched in the latter part of the previous year, contributed to burning 33.8 billion SHIB tokens in 2023. While its token burn activity has slowed this year, Shibarium is poised to play a crucial role in future burns as network usage increases.
The primary objective of these token burns is to diminish Shiba Inu’s circulating supply significantly, potentially driving up its value. The eventual goal is for the coin’s price to surge as demand surpasses the dwindling supply, possibly reaching $0.01 if the circulating supply drops to just over 127 trillion.
Shiba Inu’s Remarkable Crypto Journey
Lucie, Shiba Inu’s Marketing Lead, reflected on the coin’s impressive journey, emphasizing its rise from obscurity to prominence. With an impressive price increase from $0.000000000056 to $0.00008616 in October 2021, Lucie highlighted the community’s vital role in Shiba Inu’s success.
The SHIB Army, consisting of over 3.8 million members, is praised for being more than investors, described as a passionate and influential family dedicated to advancing the project’s goals. Shiba Inu has expanded into a comprehensive ecosystem encompassing a blockchain network, a decentralized exchange, NFTs, and a metaverse project.