In a striking display of commitment, the Shiba Inu (SHIB) community has intensified its burn efforts, incinerating a staggering 681 million SHIB in August—an impressive 79.41% increase compared to July’s tally. This substantial reduction in the token’s circulating supply reflects a concerted push to boost SHIB’s value and align with the community’s long-term goals.
According to on-chain data from the Shibburn portal, the burn activity peaked on August 31, when over 280 million SHIB were destroyed in a single day. This burn was executed across six transactions, effectively removing SHIB worth over $4,000 from circulation permanently.
A significant portion of the August 31 burn was attributed to the newly launched Living the Dream (LTD) project. The LTD token, which debuted on August 30, quickly gained traction within the Shiba Inu community. The project has embarked on a Shiba Burn Series, pledging to support SHIB burn initiatives.
On August 31, LTD contributed a hefty 250 million SHIB to the burn, with another 250 million incinerated on September 1. This brings LTD’s total burn contribution to 500 million SHIB within two days. The burns were executed through the address “itdsafe.eth,” where 278.1 billion LTD—representing 83% of the LTD supply—is held. Since its inception, the LTD project has burned a total of 539 million LTD.
A Record-Breaking August for SHIB
In total, August saw the destruction of over 680 million SHIB, representing 0.00012% of the token’s supply, with the total value of these burns reaching $9,347. This marked a significant increase from July, which saw 379 million SHIB burned—worth $5,027 at current prices.
The surge in the burn rate underscores the Shiba Inu community’s dedication to reducing SHIB’s supply. As of now, over 41% of SHIB’s initial supply, which stood at 999 trillion tokens at launch in 2020, has been burned, leaving approximately 410 trillion in circulation.
Strategic Moves and Future Outlook
In a recent development, the Shiba Inu ecosystem team introduced a burn portal on August 5 to further enhance burn activities. The Shibarium platform, which handles SHIB transactions, now divides fees into priority and base categories. While priority fees are allocated to validators, a portion of the base fee is directed towards burns, facilitating the ongoing reduction in SHIB’s supply.
Analysts suggest that for SHIB’s price to reach $0.003, a substantial reduction in its supply is essential. Currently trading at $0.00001326, SHIB has experienced a 2% decline in the past 24 hours, reflecting broader market trends impacting major cryptocurrencies.
As the Shiba Inu community continues its aggressive burn strategy, all eyes are on how these efforts will impact SHIB’s future performance and its potential to climb higher in the crypto rankings.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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