Data from the Shibburn Twitter account shows that more than 5.3 billion SHIBs have been burned since July. In the last 24 hours, it was reported that 135,418,982 SHIB tokens were burned and 21 transactions were made. In addition, over the past seven days, Shibburn announced that the total amount of SHIB burned was 613,214,213 tokens. With Shiba Inu burning transactions, it was announced that 4,762,745,494 SHIBs were sent to cold wallets with 505 transactions. It has been announced that a total of 5.3 billion SHIB has been burned since July. These numbers may have increased even more now.
Shiba Inu gains 13% in July
The Shiba Inu closed the month with an increase of 13.04%, the highest increase since February. While 5.3 billion SHIB seems like a huge amount, the SHIB burned is only the equivalent of $64,000. Shiba Inu lead developer Shytoshi Kusama explained that the massive Shiba Inu burn is a requirement for a "true community effort." The project is said to be working towards this at many levels.
At the time of writing, the Shiba Inu price stood at $0.00001234 according to CoinGecko data, while the last 24-hour trading volume of the popular meme coin SHIB was $1,066,551,303. Shiba Inu (SHIB) price is down -0.6% in the last 24 hours. There is a supply of 590 Trillion SHIB coins in circulation, with a total supply of 1 Quadrillion SHIB coins. BingX is currently the most active market for SHIB trading.
Recently, the world's richest man and Tesla CEO Elon Musk talked about Shiba's biggest rival, Dogecoin, in a recent interview on Full Send Podcast. Musk claimed that the Dogecoin blockchain has a much larger transaction capacity than Bitcoin. In addition, Musk stated that DOGE can currently be used not only to buy things at Tesla and SpaceX, but also as a means of payment at other large companies such as The Boring Company, which offers subway transportation services in Las Vegas. In addition, Musk explained that Dogecoin transactions are completed in 60 seconds, while Bitcoin transactions take about 10 minutes to complete. For Musk, this is enough for the meme coin to be considered a better payment system.