Shiba Inu‘s trending token, SHIB saw some important burning initiatives in August as demand continued to flood in. From metaverse developments to adoption rate (retail and institutional)- all seem to be lining up for this memecoin. But with one exception- its low price.
This pup is on FIRE
Shiba Inu has a total supply of about one quadrillion — the reason why the project is consistently burning its token is to reduce its oversupply.
By burning tokens, the number in circulating supply reduces over time and, in theory, should elevate the SHIB price. But was that the case in reality?
Both August and even September saw some heavy developments within this segment. Talking about the latter, more than 300 million Shiba Inu tokens were burnt since the start of September, according to shiba-burn-tracker.com.
Just in 24 hours alone, 35 transactions destroyed a total of 102,111,340 tokens of the meme-inspired cryptocurrency. This represented a 65% hike in the burn rate as per Shibburn official website.
In the past 24 hours, there have been a total of 102,111,340 $SHIB tokens burned and 35 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 6, 2022
Although, the most significant daily burn so far happened on 31 August, which saw 455,699 tokens burned within 24 hours. Fair to say, the community burning the tokens had continued the momentum from the previous month.
Herein, 528 transactions destroyed a total of 3.7 billion tokens of the meme-inspired cryptocurrency, which has been using token burns as a way to dilute its circulating supply and boost scarcity.
Could September see a higher level of burns compared to August? Certainly looks like the case as the former recorded 23.67M burns on average per day.
Source: Shiba-burn-tracker
This was a +138.95% hike compared to last month.
Want the ‘burning’ token
Notably, dominant buyers, that is, whales went on a shopping spree for the discounted token.
One of the largest Shiba Inu whales transferred almost two trillion SHIB to its balance, which is around $22 million in fiat equivalent. This was done in a 24-hour period.
At present, the customer stood as the sixth largest Shiba Inu wallet, with more than $319 million worth of SHIB tokens held on its balance.
Moreover, in a recent tweet, whalestats, announced that SHIB ranked number one in terms of tokens held by the top 500 ETH whales.
Overall, as per whalestats live insight, the average SHIB balance stood at 1,919 billion tokens by the top 100 whales.
Needless to say, given such heavy transactions and affection, SHIB’s social metrics would fly off the charts. Indeed, that was precisely the case.
However, price and hence profiting aspect comes into the picture. SHIB is down more than 85% from its all-time high. In fact, only a total of 28% of SHIB investors saw profits. The vast majority (66%) took on heavy losses, while a conservative 6% are at break-even levels.
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