The Shiba Inu community has steadfastly committed to the protocol burning mechanism. The process is part of the plans to create stability in the value of the second-largest meme coin by market cap.
Data from Shibburn revealed that the SHIB Army destroyed about 2,094,566,264 SHIB coins in July 2023.
🔥🔥🔥 2,094,566,264 $SHIB tokens have been burned in the month of July with 412 transactions. #shib pic.twitter.com/9qK8JweQgY
— Shibburn (@shibburn) August 1, 2023
SHIB Community Burning Process And The Major Contributors
Shiba Inu monthly burn rate spiked by almost 27% following the recent burn of the SHIB token in July. Also, the incineration process was completed through 412 different transactions within the last month.
The report noted that the community only destroyed 1.65 billion SHIB in June compared with over 2.09 billion last month. Also, the previous burning mechanism occurred through 164 separate transactions.
Further, the data highlighted three major contributing SHIB addresses in the latest token-burning process. These are Akai Token (AKAI), Mysterious Wallet, and the Dormant Wallet.
Akai Token (AKAI) is a newly launched project in the industry, and it bagged the top Shiba Inu burner for July. The wallet address transferred about 803.96 million SHIB coins to the Shiba Inu dead wallet on July 10.
Akai engaged in a massive burning process for SHIB and completed up to 102 different transactions on the same day. Mysterious Wallet is the second biggest SHIB burner for the month. In a single transaction, it destroyed about 102.60 million SHIB tokens on July 21.
The dormant wallet, inactive for approximately two years, emerged as the third largest SHIB burner. The address incinerated all its SHIB holdings of 77.52 million SHIB coins. It completed the destruction in a single transaction on July 19.
Besides the monthly burns, the Shiba Inu community’s weekly incineration rates of the meme coin are commendable. Within the past week, it destroyed about 268.19 million Shiba Inu tokens through one hundred and seven separate transactions.
SHIB Price Action Amid Other Developments
SHIB token-burning mechanism and other prominent developments in the ecosystem have contributed to the token’s price action.
According to CoinMarketCap, data SHIB’s price rallied by over 6.20% within the past 7 days. Also, its 30-day price action indicates an increase of more than 9.6%.
A testnet bridge between Shibarium and Ethereum recently went live for public users. The bridge allows users to transfer tokens between the two networks but currently supports dummy assets.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉
Be among the first to try out this revolutionary cross-chain solution.
Remember, always exercise caution and verify authenticity before connecting your wallet to any website.
PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) July 26, 2023
The news spiked the price of Shiba Inu and its market cap, pushing the token to become the 14th-largest crypto asset by market cap.
Shiba Inu is trading at around $0.000008299, indicating a drop of 1.13% over the past day. But its 24-hour trading volume surged by 30.13% to hit $182.74 million while its market cap sits at $4.89 billion.