July was the month of slight recovery for the crypto markets. Ethereum (ETH) led the way with gains from users anticipating the merge. Bitcoin (BTC) and other major crypto projects also followed suit. Shiba Inu (SHIB), one of the most popular dog-themed coins, also recovered slightly.
Nonetheless, SHIB’s burn portal was moving full steam ahead. In July, a total of 4.76 billion Shiba Inu tokens were burned and sent to the dead wallet, according to Shibburn. The burns took place over 505 transactions.
Furthermore, the burns carried over into the 1st of August, with a whopping 6.6 million Shiba Inu tokens being burned in just one transaction.
Additionally, another 1.3 million tokens were burned over another transaction, as reported by the burn portal.
Moreover, on the 1st of August, the burn portal reported that 216,487,142 SHIB tokens were burned in 24 hours, over 32 different transactions.
It was launched in April. Shiba Inu’s burn portal has been hard at work reducing the circulating supply of SHIB tokens. This is an attempt to raise the price of each token. Nonetheless, the attempts have not been as fruitful as expected. The burns, at least so far, have not impacted the cost of the token.
Other Shiba Inu developments
Shiba Inu turned two years old yesterday. In celebrating its second anniversary, the team unveiled Shiba Eternity’s collectible card game.
The game is being developed in collaboration with Playside Studios. In addition, the team has revealed that the game will be available on the Apple App Store and the Google Play Store.
Moreover, the project has a plethora of releases scheduled for this year. Many are eagerly waiting for the launch of their layer-2, called Shibarium. Shiba Inu will also launch another reward token called TREAT. In addition, they will launch a stablecoin called Shi.
At press time, Shiba Inu (SHIB) was trading at $0.00001174, up by 9.3% in the last seven days.