Shiba Inu was one of the leading crypto assets to recover in July after Bitcoin and Ethereum slightly. The previous month saw 4.76 billion SHIB tokens sent to dead wallets through over 505 transactions, according to Shibburn.
Furthermore, the SHIB Burn Portal got active on the 1st of August, with 6.6 million tokens being sent out of circulation in just one transaction. As a result, the SHIB token burning tracker reported that 216,487,142 SHIB tokens were burned in 24 hours, over 32 different transactions.
Additionally, another 1.3 million tokens were burned over another transaction, as reported by the burn portal.
The SHIB Burn Portal, launched in April 2022, was one of the major projects for the Shib Army to reduce the circulating supply of the tokens and increase their value in the crypto market. However, while over 410 trillion SHIB tokens have been burned, the memecoin remains relatively stagnant.
More Development on Shiba Inu
As the memecoin enters its third year, Shiba Inu has been attracting new and existing crypto investors despite its slow rise to prominence.
According to data on Etherscan, over a million unique addresses contain Shiba Inu. Currently, 1,212,272 (1.21 million) unique addresses are holding SHIB. The volume surged from under 1,000 holders in January 2021 to 1.21 million. This update suggests that interest in meme-based cryptocurrency has increased since last year.
It is not surprising to see a massive spike in the number of addresses holding the cryptocurrency. SHIB has been among the most successful cryptocurrencies since August 2020 till date. Shiba’s market cap was $3.75 billion in June 2021, which now stands at $6.68 billion.
At press time, Shiba Inu (SHIB) was trading at $0.00001174, up by 9.3% in the last seven days.