In August, the Shiba Inu community achieved a significant milestone by burning 681 million SHIB, marking a 79.41% increase from July’s total burn. This impressive effort came as a result of various transactions and community initiatives aimed at reducing the circulating supply of the token.
On August 31, a notable burn event saw over 280 million SHIB destroyed in just one day. This burn involved six transactions, totaling more than $4,000 in SHIB removed from circulation permanently. The on-chain analysis revealed that a significant portion of this burn was linked to the Living the Dream (LTD) project, a new token introduced within the Shiba Inu ecosystem.
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LTD Token’s Contribution
The LTD token, which launched on August 30, quickly gained traction among Shiba Inu enthusiasts. On August 31, LTD burned 250 million SHIB as part of its Shiba Burn Series initiative to support the community. The project continued its burn efforts by destroying another 250 million SHIB on September 1, bringing the total burned in just two days to 500 million SHIB.
August’s burn rate, totaling over 680 million SHIB, represents 0.00012% of the token’s supply. The total value of these burns was approximately $9,347. This figure demonstrates a significant increase compared to July, where the community burned over 379 million SHIB, worth $5,027. The higher burn rate reflects the community’s ongoing commitment to reducing SHIB’s supply.
Progress in Supply Reduction
Shibburn data indicates that more than 41% of Shiba Inu’s initial supply has been burned. Originally launched with a supply of 999 trillion SHIB in 2020, the circulating supply has now decreased to 410 trillion.
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This reduction is partly due to the introduction of a burn portal on August 5, following a hard fork. Analysts suggest that for SHIB’s price to rise to $0.003, a substantial reduction in supply is necessary.
Currently, SHIB trades at $0.00001326, having fallen over 2% in the past 24 hours. This decline reflects a broader market correction affecting major cryptocurrencies.
