Shiba Inu (SHIB) marked its fourth birthday with a dramatic increase in its burn rate, which spiked by 936.5% within the past 24 hours. The community celebrated this milestone by burning 8.1 million SHIB coins, according to Shibburn data.
Significant Burn Activity
Three significant transactions contributed to this impressive burn rate. Over the last 10 hours, the community burned 2 million, 5 million, and 1 million coins, respectively. This activity brought the total SHIB burned in July to approximately 379.5 million across 178 transactions. Notably, the burn rate experienced spikes on four separate days throughout the month, highlighting the community’s commitment to reducing the circulating supply.
Milestone Achievements
In honor of Shiba Inu’s fourth birthday, the marketing lead, Lucie, took to social media to celebrate the coin’s journey. She highlighted several key achievements, including growing institutional interest, charitable contributions, and the development of an innovative ecosystem. Lucie also emphasized the global adoption of Shiba Inu, pointing out that 1.4 million SHIB are currently in the DeFi space, while an estimated 4 million are held on exchanges. She praised the 3.8 million-strong Shiba Inu community, describing them as more than just investors but as dedicated supporters of the project.
Encouraging Long-Term Focus
Amidst the birthday celebrations, Lucie urged the community to focus on long-term development, especially during challenging times. In a separate tweet, she acknowledged the tough market conditions, unstable political landscape, and global conflicts. However, she encouraged long-term traders to remain strong and not allow short-term factors to shake their confidence in the project.
Positive Market Indicators
In addition to the burn rate surge, other indicators pointed to a growing interest in Shiba Inu. Data from Shibariumscan revealed a significant increase in daily transactions, which doubled from 2,570 on July 30 to 4,910 on July 31. Moreover, IntoTheBlock data showed a 13.6% rise in large transaction volumes, although daily active addresses decreased by 14.6%. Despite the price volatility, approximately 48% of SHIB holders remain in profit, with large holders maintaining a 73% concentration of the supply.
As Shiba Inu celebrates its fourth birthday, the community remains committed to its long-term goals, even in the face of market challenges.
Read Also: Shiba Inu Experiences 1,245% Netflow Surge: Are Whales Preparing to Sell?
