Shiba Inu Community Rallies as 71.18 Million SHIB Tokens Burned

• Shiba Inu burns 71.18 million SHIB tokens, leading to a 4,000% surge in the burn rate.
• LumiBots linked to the largest burn, transferring 69 million SHIB tokens to an inactive wallet.
• SHIB community calls for more burns, suggesting Binance adopt a similar approach.

Shiba Inu’s market activity surged as 71.18 million SHIB tokens were burned today. The burn, executed across seven transactions, resulted in a 4,000% spike in the token’s burn rate, according to SHIB burn tracker Shiba Inu.

The burning process permanently removes tokens from circulation, creating scarcity. This can potentially increase the token’s value.

The largest of these burns occurred at 13:17 (UTC) on July 11, when an unknown wallet transferred 69 million SHIB tokens worth $1,116 to an inactive address. This wallet has been linked to LumiBots, a Shibarium-based NFT collection. The Shiba Inu community expressed gratitude for LumiBot’s significant contribution.

With this latest burn, the total number of burned SHIB tokens has reached 410.72 trillion. This represents 41.07% of the token’s initial supply of 1 quadrillion. Consequently, the total supply now stands at 589.27 trillion, with 583.35 trillion in circulation and about 5.91 trillion currently staked.

Despite these substantial reductions, the Shiba Inu community continues to advocate for more burns. Some members have even called for Binance to adopt a similar approach to its LUNC burn initiative by incinerating SHIB tokens using its trading fees. This suggestion reflects the community’s determination to enhance SHIB’s value through increased scarcity.

Adding to the market’s enthusiasm, Shiba Inu’s lead marketing specialist Lucie has shown a bullish stance on anticipated SHIB exchange-traded funds (ETFs). Lucie highlighted the potential benefits of an ETF, further fueling optimism among investors. 

As of press time, Shiba Inu stands at $0.000017, with a trading volume of $211,198,519 in the last day. Shiba Inu has increased by 3.19% in the last 24 hours.

As the Shiba Inu community pushes for more burns, their collective actions and proposals aim to create a more valuable and sustainable token. The latest burn event underscores the community’s commitment to reducing supply and enhancing SHIB’s market position.