A Total Of 3.2 Billion SHIB Tokens Successfully Removed From Circulation

Shiba Inu token. (Photo; Doc. Newschant)

JAKARTA - Shiba Inu (SHIB) is one of the cryptocurrencies derived from the internet meme phenomenon. SHIB was launched in 2020 and immediately gained high popularity among investors. Even so, SHIB is also often a topic of conversation because of its volatile and volatile tendencies.

Recently, the SHIB community managed to remove billions of tokens from circulation in April 2023 through various transactions, which are expected to affect SHIB price movements in the market.

Around 3,269,676,832 SHIB tokens were successfully removed from circulation in April 2023, through 125 transactions. This makes the total number of tokens removed very significant compared to the previous month where 6,782,788,547 SHIB was removed from circulation through 540 transactions.

Data from Shiba Inu's burning tracker, Shibburn, published on Twitter, shows a decrease in the rate of burning of this cryptocurrency. Since its launch, about 410.63 trillion tokens have been destroyed from a total supply of 1 quadrillion.

SHIB's main developer, Shytoshi Kusama, also expressed his opinion on the relationship between SHIB prices and burning in a telegram chat. Kusama argues that SHIB prices cannot be influenced simply by burning, and more burning is needed to affect prices.

Based on the Cryptoglobe report, currently the Shiba Inu team is more focused on developing new technology and utilities to increase SHIB adoption. Kusama believes that only through these efforts the price of SHIB can experience a significant increase.

Pada bulan sebelumnya, proyek token baru bernama Koyo juga berhasil membakar sekitar 1,49 miliar token SHIB dalam satu transaksi. Sementara itu, data dari IntoTheBlock menunjukkan bahwa sebagian besar token SHIB saat ini berada di tangan investor jangka panjang, menunjukkan daya tarik token ini bagi mereka dengan pandan investasi jangka panjang.

In addition, there are also reports that a large SHIB investor managed to increase its portfolio to nearly 5 trillion SHIB tokens after making four transactions worth around 1.88 million US dollars (around Rp. 26.5 billion).