During March 2023, the Shiba Inu Community accomplished an impressive feat by significantly reducing the supply of SHIB tokens. The reduction amounted to a massive 6.78 billion tokens, which is a remarkable achievement. The community achieved this through a total of 540 individual transactions, where members worked together to burn SHIB tokens. This was a historic moment for the community and a significant step towards improving the overall value of SHIB.

Koyo Burns

Koyo (KYO) emerged as the leading SHIB burner of the month following its launch on March 10th. Koyo, which is driven by the community, was able to remove a considerable amount of SHIB tokens, totaling 6.15 billion. This was achieved through multiple transactions, demonstrating Koyo’s unwavering dedication to reducing the overall supply of SHIB tokens.

Koyo carried out two significant burn transactions during the month. On March 17th, Koyo executed the most massive burn transaction by sending a total of 924.15 million SHIB to the dead wallet. 

Read more: Shiba Inu: Shibarium Beta Testnet Sprints to 1M Transactions in a Week

The recent reduction in the supply of SHIB tokens through burning has increased demand for Shiba Inu tokens. In response to this development, a major Ethereum whale, known as “BlueWhale0073” and ranked as the 254th largest, acquired significant SHIB tokens in a single transaction. The transaction involved the purchase of 99.29 billion SHIB tokens, which amounts to $1.05 million in value.

Despite the recent positive developments for SHIB, most token holders have either suffered losses or are barely breaking even. In fact, 71% of investors have been negatively impacted. The primary reason for this is the fear, uncertainty, and doubt (FUD) campaign that targeted Shibarium. 

As of press time, Shiba Inu is trading at $0.00001078, up 2.09% over the last day, with a 24-hour trading volume of ($189.88M).