The Shiba Inu (SHIB) community has achieved a major milestone, with over 350 million SHIB tokens successfully burned. This impressive feat reflects their resilience and willingness to positively shape the digital currency landscape, despite the challenges it presents.
The burning of tokens is an intentional act to reduce their supply, which can lead to an appreciation in the value of remaining tokens. This is especially relevant for SHIB, due to its initially abundant supply. Data from Shibburn suggests that the community has been actively involved in burning tokens over the past week.
On 21st and 25th August, approximately 1.84 billion SHIB tokens were destroyed across 255 transactions, resulting in a 38.76% reduction in the weekly consumption rate. On 25th August, 19 transactions saw 349,012,147 SHIB eliminated.
Furthermore, as the relaunch of Shibarium nears, updates from Lucie, a Shiba Inu team representative, have revealed promising progress. Shiba Inu Layer 2 is now operational and running smoothly in private mode.
At the time of writing, SHIB was trading at $0.0000082, marking a 1.2% decline in 24 hours, according to Coingecko. The resilience of SHIB amid market fluctuations and token burning efforts is evident, indicating a positive trajectory in the dynamic crypto landscape.