Shiba Inu (SHIB) has had quite a fruitful year regarding utility and launches. In April, the team launched the Shibburn burn portal, which has been consistently wiping out SHIB’s circulating supply. In August, the portal witnessed a record number of tokens being burned.
According to Crypto Eye, 3.6 billion Shiba Inu tokens were burned in August. Since its launch in April, the burn portal has wiped out 12.67 billion SHIB tokens. The fiat equivalent of the tokens burned comes to $154,507 tokens. Additionally, records show that 589.62 trillion, or 59%, of the initial one quadrillion tokens, remain in circulation.
Moreover, Shiba Inu community members have taken it upon themselves to burn additional SHIB tokens. Twitter user, SHIB Super Store, $2,696 worth of SHIB tokens in August. The account belongs to game developer Travis Johnson, and Johnson uses the money from his Amazon affiliate program to burn SHIB tokens.
Although burning is a feature much welcome by the community, the initiative has done little to push the token’s price in a positive direction. Additionally, at press time, SHIB’s burn rate was down by 68.73%, with 133 million tokens burned in the last 24 hours.
Mystery wallet moves billions of Shiba Inu tokens
In the latest development, a mysterious whale wallet transferred 114.9 billion SHIB tokens to a Binance wallet. Furthermore, an additional 272 million Shiba Inu tokens were also sent to the same Binance wallet. Tokens being moved to exchange never a good sign. Thus, there is a possibility that the whale may dump the tokens on the market. Therefore, there could be a negative impact on Shiba Inu’s price.
At press time, Shiba Inu (SHIB) was trading at $0.00001220, down by 12.7% in the last seven days.