Burn

Million

Shiba Inu

Billion

Trillion

<div class="watcher-guru"> 
 <p>The Shiba Inu [SHIB] ecosystem has been actively burning SHIB tokens while preparing for the much-awaited launch of Shibarium. In July, the community burned a substantial amount of SHIB tokens, totaling 2,094,566,264. These tokens were sent to dead wallets in a series of 412 transactions over the course of the month, as reported by Shibburn.</p> 
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 <p>The token-burning activity in July 2023 showed significant improvement compared to the previous month. In June, the community managed to eliminate only 1,653,845,435 SHIB tokens from circulation. However, June was considered a lackluster month for token burns. They experienced an 89% decrease from the burn activity recorded in May. Back in May, the network saw a significant burn of 15,369,335,177 SHIB tokens, making July’s burn appear relatively smaller in comparison. Currently, SHIB’s burn rate is at a negative 42.47%. Over the last 24 hours, a total of 46,161,989 tokens were burnt. </p> 
 <p>The surge in token burns is anticipated to have a positive impact on the value of the meme coin. As long as the Shiba Inu community continues to sustain this upward trend in token burning, there is a possibility that the asset’s price could reach $0.0001 sooner than initially projected.</p> 
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 <p><strong>Also Read: Shiba Inu Weekly Burn Update: 268 Million SHIB Burned</strong></p> 
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 <h4 class="wp-block-heading" id="h-how-is-shiba-inu-faring-now">How is Shiba Inu faring now?</h4> 
 <p>The SHIB network concluded July on a positive note, experiencing an almost 11% increase during the day. However, currently, the meme coin is undergoing a correction, and its value stands at $0.000008268 with a slight daily decline of 0.62%.</p> 
 <p>As a result of this setback, the SHIB network witnessed a surge in long liquidations. Coinglass data indicated that a total of $245.59K worth of long positions were liquidated, while only $1.21K in shorts were liquidated during the same period. Nevertheless, the community has been betting big on SHIB in anticipation of Shibarium. </p> 
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 <p><strong>Also Read: Shiba Inu: Shibarium To Burn 5 Trillion Tokens, SHIB To Hit $0.01?</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>shib</li> 
  <li>shiba inu</li> 
 </ul> 
</div>

Shiba Inu: 2 Billion Tokens Burned in July: Is $0.0001 Next Target?

TheBitTimes

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