Known as the “SHIB army,” the Shiba Inu community doubled their monthly SHIB burns in August compared to July. Accordingly, it achieved remarkable success. The significant reduction of SHIB tokens from circulation is gaining a lot of attention in the cryptocurrency world. Because there is a correlation between the subject and the price. Let’s look at the details.
Shiba Inu burning in August: Massive numbers at stake
In a recent tweet, the Shibburn crypto follower reported that 5,715,986,938 Shiba Inu tokens were transferred to “dead wallets” in 763 separate transactions during the month of August. This figure represents a notable increase compared to July when the total SHIB burn was 2,094,566,264 coins. The number of transactions leading to dead wallets has nearly doubled. Accordingly, it increased from 412 in July to 763 in August.
🔥🔥🔥 5,715,986,938 $SHIB tokens have been burned in the month of August with 763 transactions. #SHIB pic.twitter.com/1SYyUzbBCu
— Shibburn (@shibburn) September 1, 2023
On the other hand, Son Shiba Inu burning also increases expectations. Accordingly, the SHIB burning activities in August indicate an impressive situation. However, there has been a decrease in incineration activities in the last 24-hour period. The Shiba Inu community managed to destroy 25,100,470 SHIB coins in this time frame. Accordingly, it reflected a 74.94% reduction compared to a particularly active Thursday when around 100,000,000 SHIB were burned.
Layer 2 blockchain Shibarium raises expectations
The release of the Layer 2 blockchain Shibarium raises optimism within the Shiba Inu community. It is predicted that SHIB burns will increase significantly with each transaction performed on the mainnet. As a result, trillions of SHIB tokens are expected to be burned monthly and possibly even weekly.
In particular, some of the gas fees paid in Shibarium with BONE tokens will be reserved. On the other hand, it will eventually be converted into a Shiba Inu token, contributing to the continuous reduction of circulating tokens.
Shibarium metrics on the rise
Data from Shibariumscan explorer shows promising signs for Shibarium. Since Thursday, the total number of transactions increased from 599,968 to 718,601. Accordingly, it pointed to an increase of approximately 118,000 transactions overnight. In addition, the number of wallets linked to Shibarium increased 1.5 times to 663,250 after 431,972 on 31 August.
As a result, when we look at cryptokoin.com, we see a significant increase in Shiba Inu burning in August. Accordingly, it doubled the previous month’s figures. With the launch of Shibarium, the Shiba Inu community is poised to experience even greater drops in token supply. It also solidifies its positive start for September.
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