The Shiba Inu [SHIB] ecosystem has been actively reducing the number of SHIB tokens in circulation as it prepares for the highly anticipated launch of Shibarium. During July, the community successfully burned a substantial amount of SHIB tokens, totaling 2,094,566,264. These tokens were transferred to inactive wallets through 412 transactions throughout the month, as reported by Shibburn.
The token-burning activity in July 2023 marked a significant improvement compared to the previous month. In June, the community only managed to eliminate 1,653,845,435 SHIB tokens from circulation, making it a lackluster month for token burns. This was a notable decrease of 89% from the burn activity recorded in May when a substantial burn of 15,369,335,177 SHIB tokens was observed. As a result, July’s burn appeared relatively smaller in comparison.
At present, SHIB’s burn rate stands at a negative 42.47%. In the last 24 hours alone, a total of 46,161,989 tokens were burnt. The surge in token burns is expected to positively impact the value of the meme coin. If the Shiba Inu community continues to maintain this upward trend in token burning, there is a possibility that the asset’s price could reach $0.0001 sooner than initially projected.
Shiba Inu’s Present Situation
The Shiba Inu network had a positive conclusion to July, with a nearly 11% increase in value over 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%.
As a result of this setback, the SHIB network experienced a surge in long liquidations. According to Coinglass data, a total of $245.59K worth of long positions were liquidated, while only $1.21K in short positions were liquidated during the same period. Nonetheless, despite this development, the SHIB community remains optimistic and continues to show strong interest in the coin, particularly in anticipation of Shibarium.