SNEAK PEEK
- Shibburn’s Twitter account reveals that over 5.3 billion SHIB tokens have been burned since July.
- The Shib burn tracker has disclosed that a total of 21 transactions have been made in the past 24 hours, and over 135,418,982 SHIB tokens are burned.
- The total amount of SHIB burned in the last seven days stands at 613,214,213 tokens.
A recent announcement by Shibburn’s Twitter account revealed that the SHIB burn initiative has led to a total of 4,762,745,494 SHIB tokens being sent to dead wallets. Collaboratively, the burning initiative now makes the total amount of SHIB burned since July just above 5.3 billion.
The burning of SHIB tokens clearly means that the tokens are being removed permanently from the circulation supply. This is carried out by transferring the tokens to a burn address or dead wallets.
In the last 7 days, there have been a total of 613,214,213 $SHIB tokens burned and 126 transactions. #shibarmy
— Shibburn (@shibburn) August 7, 2022
However, it should be emphasized that the number of tokens burnt can be a bit higher as the burn tracker recently shared details about a transaction comprising millions of SHIB to be burned. Not long following the reporting of 24-hour SHIB burn volumes, the burn tracker reported single transactions carrying 3,685,740 SHIB and also 500,000 tokens transferred to dead wallets.
Also Read: SHIIB became the top used smart contract by ETH Whales following the Shiba Eternity revelation
Well, this goes without saying that scarcity is often seen as a contributing factor to asset prices. However, that’s not the scenario every time, as the price depends on many other factors. Back in July, the total gain marked by Shiba Inu was 13.04%, and it was the largest since the month of February of the year 2022.
Shytoshi Kusama, the lead developer of Shiba Inu, has recently provided one seeming requirement for massive Shiba Inu burns to be a true community effort. In addition, he said that the project is working toward it on several levels and might take some time.
