Shiba Inu Community Burns Over 3 Billion $SHIB Tokens in April

The Shiba Inu ($SHIB) community has eliminated a staggering 3,269,676,832 (3.26 billion) SHIB tokens from circulation in April 2023, in a reduction to the meme-inspired cryptocurrency’s total supply that was achieved through a total of 125 transactions.

The total amount burned represents a significant decrease in the burn rate of the cryptocurrency seen in the past month, during which 6,782,788,547 (6.78 billion) SHIB tokens were permanently removed from circulation through 540 individual transactions.

That’s according to data from Shib burn tracker Shibburn, which revealed the data on the microblogging platform Twitter.

Since the meme-inspired cryptocurrency was launched, around 410.63 trillion tokens have been destroyed, from a total supply of 1 quadrillion. As CryptoGlobe reported, the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency last month, destroying an astounding 1.49 billion tokens in a single transaction.

Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns, and more burns are needed to move its price.

In response, the Shiba Inu team has been focused on developing new technologies and utilities to foster SHIB adoption. Kusama believes that only through such efforts can Shiba Inu prices experience the significant increase that everyone desires.

Earlier, a massive SHIB whale has recently expanded its portfolio to nearly 5 trillion tokens after adding an additional 171.68 billion SHIB for around $1.88 million through four different transactions.

Notably, data from IntoTheBlock has shown that a significant portion of SHIB tokens are now in the hands of long-term investors, highlighting the growing allure of the token among those with an extended investment outlook.

Image Credit

Featured Image via Unsplash