Shiba Inu （SHIBUSD） has burned 379 million tokens in July, aiming to set a deflationary pace that might help maintain its price action.
Points
- 379 million SHIB tokens burned in July.
- Shiba Inu community committed to deflationary agenda.
- Burn metrics indicate long-term strategy for price stability.
- SHIB price currently in a slump but may recover with continued token burns.
Shiba Inu （SHIBUSD） 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.
Cointelegraph
🔥🔥🔥 379,473,801 $SHIB tokens have been burned in the month of July with 178 transactions. #SHIB pic.twitter.com/7E7gPbbk4U— Shibburn （@shibburn） August 1, 2024
The 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.
If 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.
解説
- The significant SHIB burn rate demonstrates the community’s commitment to a deflationary strategy.
- Introducing more utility and applications can enhance SHIB’s value and demand.
- Continued token burns and increased utility may stabilize and boost SHIB’s price over time.