Shiba Inu (SHIB) has made significant advances toward deflation in July, which was a busy month. A major increase in its burn rate demonstrates this.
Shibburn’s statistics reveal an increase of over 1,529.20% in the last 24 hours, resulting in the burning of over 8.5 million tokens.The Shiba Inu burn trend has consumed more than 379 million SHIB in the last month alone.
This number is small compared to the previous months, but it shows that the community is still fully behind the protocol’s downward goals.
Shiba Inu Launches Shiba Eternity
According to Shiba Inu’s burn measures, they have burned a remarkable 410,727,787,201,774 SHIB so far, reducing the total number of SHIB in circulation to 583,407,766,765,581. The idea behind this burning process is to make things scarce, which should make SHIB more expensive in the long run.
Shiba Inu is focused on making things more useful, while SHIB Burning is motivated by group goodwill. The launch of the enjoyable Shiba Eternity game on Shibarium, currently in closed beta, serves as a prime example of this. At the moment, only people who own LEASH can play the game. However, soon, everyone will be able to play it.
Additionally, the core developers are exploring various utility apps to integrate into Shibarium, aiming to provide tangible benefits to users. In the long run, the aim is to boost the demand for Shiba Inus, thereby reducing the supply due to the recent fires. This could cause the price to go up.
Even with all of these attempts, the price of SHIB is currently very low at $0.00001596, down 2.56% in the last 24 hours. But if Shiba Inu keeps getting help from the community and makes improvements to the utility, its deflationary approach could lead to a long-term price rise in the future.
