Shiba Inu closed July with 13.04% gain
data from Shibburn Twitter The account indicates that more than 5.3 billion SHIB have been burned in various transactions since July. In the past 24 hours, the SHIB burn tracker reported more than 135,418,982 SHIB tokens to be burned and 21 transactions. Meanwhile, over the past seven days, Shibburn put the total amount of SHIB burned at 613,214,213 tokens.
As reported by U.Today, the Shib burn initiative highlighted that a whopping 4,762,745,494 SHIB tokens were sent to dead wallets with 505 transactions.
Cumulatively, this puts the total amount of SHIB burned since the beginning of July at upwards of 5.3 billion.
This number might currently be slightly higher as the burn tracker recently reported a transaction carrying millions of SHIB to be burned. Shortly after reporting 24-hour SHIB burn volumes, single transactions of 3,685,740 SHIB and also 500,000 tokens transferred to dead wallets were also indicated by the burn tracker.
“Burning” means the permanent removal of the Token from circulation by transferring it to a burn address or dead wallet. The reduction caused by burning is believed to have a positive effect on prices, although this is not always guaranteed.
Shiba Inu ended July with 13% gain
Shiba Inu closed July with a 13.04% gain, the largest since February 2022. In a way, the Shiba Inu burns could be said to have had a minute impact as there remains a lot of ground to cover. Although 5.3 billion SHIB seems to be a huge amount, it only refers to about $64,000 worth of SHIB burned.
As reported by U.Today, Shiba Inu lead developer Shytoshi Kusama lays out an essential requirement for Shiba Inu Burns to be a “true community effort” at large. He says that the project is working in this direction at several levels. He says it may take time, expecting the time to work fully.
However, given the current macroeconomic concerns, the cryptocurrency market’s price action remains purely speculative. At the time of publication, Shiba Inu was demonstrating an increase of 4.35% over the last 24 hours while trading at $0.0000124.
