The Shiba Inu [SHIB] ecosystem has been busy burning SHIB tokens as they get ready for the highly anticipated launch of Shibarium.
In July, the community burned a significant number of SHIB tokens, totaling 2,094,566,264. They sent these tokens to inactive wallets through a series of 412 transactions during the month, according to Shibburn’s report.
In July 2023, the token-burning activity for Shiba Inu [SHIB] saw significant improvement compared to the previous month. In June, the community burned 1,653,845,435 SHIB tokens, but it was considered lackluster as it showed an 89% decrease from the burn activity in May.
In May, there was a substantial burn of 15,369,335,177 SHIB tokens, making July’s burn seem relatively smaller in comparison. The current burn rate for SHIB stands at a negative 42.47%, and over the last 24 hours, 46,161,989 tokens were burnt.
The increased token burns are expected to positively impact the value of this meme coin. As long as the Shiba Inu community continues this upward trend in token burning, there is a possibility that the asset’s price could reach $0.0001 sooner than expected.
Current Status of Shiba Inu
Shiba Inu’s network had a positive end to July, with an almost 11% increase in value during the day. However, currently, the meme coin is going through a correction, and its price is now at $0.000008268, showing a slight daily decline of 0.62%.
This setback resulted in a surge of long liquidations on the SHIB network. According to Coinglass data, around $245.59K worth of long positions were liquidated, while only $1.21K in shorts were liquidated during the same period.
Despite this, the community remains optimistic and continues to show strong support for SHIB, especially in anticipation of the upcoming Shibarium launch.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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