In a recent post on Medium, the network's lead developer, Shytoshi Kusama, wrote that there'll be a huge update on the network. While developers are working on improving the network, the SHIB Army has been burning their tokens to improve the ecosystem.
In the last few months, SHIB burns have become increasingly significant. First, they were cutting down the number of meme coins in circulation. Then, the burning rate went up by 231% due to recent happenings.
Over the weekend, 196,820,007 SHIB tokens were transferred to a dead wallet. At the time of writing, the burn rate had dropped by 63.32 percent, and the total amount of SHIB burned was 70,215,040.
A SHIB Super Store platform responsible for burning Shiba tokens showed that July was a good month. However, the Shib store revealed that it had burned more Shiba tokens than it did in May. At this rate, July burns will probably be worse than June burns.
Are these burns enough to raise the price of Shiba Inu?
The SHIB price hasn't been doing so well. About 87.64% of the asset's value is below its all-time high of $0.00008845. So, despite the volume of burns in the last few months, the price of SHIB hasn't changed, at least not for the better.
As of the time of writing. , the lowest price for Shiba Inu was $0.00001098, a drop of almost 4% within the last few hours.
How Shiba Inu Burn Began.
Shiba Inu "burn portal" was initiated to help manage the dropping demand for the coin. The plan was to burn as many coins as possible to cut down on the number of coins in circulation, thereby increasing demand for SHIBA.
As a result of this initiative, Shiba Inu holders flooded the burn portal to burn billions of SHIB. But despite the massive burn, there hasn’t been any effect on the price of SHIBA.
When Ryoshi, the founder of Shiba Inu, went missing, the rate of burning slowed down, but later revived with a significant spike. Most crypto experts predict that it will take a while before Shiba burn has a big effect on the price.
This is because there’s a large volume of Shiba tokens in circulation and the pressure to sell keeps growing.