Shiba Inu Turns 6: Here’s How Many SHIB Tokens Were Burned in July

The SHIB team and community have scorched billions of tokens in the past month. The resurgence of the burning program has coincided with the positive performance of the self-proclaimed Dogecoin killer, whose price has jumped by 10% within that period.

Big Burn, But There’s a Catch The X account Shibburn revealed that over 3.2 billion SHIB have been transferred to a null address in July, permanently removing them from circulation. This represents a major 1,395% increase from the June figure.

The July number may seem substantial, but its USD equivalent is less than $17,000. It’s also important to note that the major burns occurred only during a handful of days toward the end of the month, while during the remaining days there wasn’t much action on that front.

On July 27, for instance, the team and community scorched almost 1.3 billion tokens, nearly 40% of the total amount. The core purpose of SHIB’s burning mechanism is to reduce the token’s supply and make SHIB more valuable via scarcity.