The Shiba Inu community saw a significant boost in their efforts to reduce the number of SHIB tokens in circulation after a wallet sent 1 billion SHIB to the burn address. This move was highlighted by Shiba Inu marketing specialist Lola, who drew attention to the substantial incineration activity on Friday. The wallet with the address “0x2C32” sent 1,003,266,585 SHIB to the burn address, permanently removing them from the circulating supply of Shiba Inu tokens. On-chain analysis revealed that the wallet belonged to SquidGrow, a meme-utility project, with the tag “SquidGrow Treasury” confirming their involvement in the burn.
In response to a report that over 61 million SHIB had been burned in the past 24 hours, SquidGrow’s founder, Shibtoshi, shared the transaction on Twitter and expressed his intention to raise the burnt amount to 1 billion SHIB. The announcement was followed by a spike in Shiba Inu’s burn rate, which saw a 2,296% increase in the number of tokens burned compared to the previous day. Another notable burn transaction involved a wallet sending 33.7 million SHIB to the burn address after swapping Bone ShibaSwap (BONE) tokens for SHIB. These burn activities are carried out by the Shiba Inu community to reduce the token’s supply and potentially increase its price.
Shytoshi Kusama, lead of Shiba Inu, had previously suggested that burning 99% of SHIB in circulation is a possibility, but emphasized the need for the ecosystem to find better ways to grow the token’s utility. At the time of writing, Shiba Inu was trading at $0.00002561, showing a 1% increase in the past 24 hours. The recent burn activities by the community and projects like SquidGrow have contributed to reducing the number of SHIB tokens in circulation and may have a positive impact on the token’s value in the future.
Overall, the Shiba Inu community’s dedication to reducing the token supply through burning activities is evident in the recent spike in burn rate and significant incineration of SHIB tokens. Projects like SquidGrow have actively participated in these burn activities, showing a commitment to supporting the Shiba Inu ecosystem. Going forward, finding innovative ways to enhance the utility of SHIB while reducing its supply remains a key focus for the community. Despite the challenges, the Shiba Inu community’s efforts to drive the token’s value through supply reduction demonstrate a strong commitment to fostering growth and sustainability in the cryptocurrency space.
