SHIB sees a mild reduction in its total supply as the teeming community successfully burned billions of the canine-themed token in the month of April. Aside from burning, SHIB attained another remarkable feat as the largest crypto exchange, Binance heightened its rating for the token, moving it out of its innovation zone.
Per data extracted from the Shiba Inu burn tracking platform Shibburn, a total of 3,269,676,832 SHIB tokens were sent to the official SHIB dead wallet in April 2023 via 125 transactions. Accordingly, these tokens have been lost forever.
Compared to the amount of SHIB incinerated in March 2023, a huge reduction can be seen to the tune of 107.44%. Notably, the Shiba Inu community took a whopping 6,782,788,547 SHIB out of supply forever in a stunning 540 separate transactions.
Koyo, an emerging decentralized finance project developed on the Ethereum blockchain contributed the most to this feat achieved by the Shiba Inu community. It bears noting that the independent SHIB burns contributor has burned a total of 8.76 billion SHIB through multiple transactions since its emergence.
Among the notable burn transactions executed by Koyo in April 2023 include the sending of 1,104,224,812 SHIB to the dead wallet in a single transaction on April 9 and its record-breaking destruction of 1,494,278,561 SHIB on April 15.
Data extracted from Shibburn.com further shows that the total SHIB burned from the meme token’s initial supply is 410,633,269,626,818 (~410.6 trillion), at press time.
The teeming Shiba Inu army remains committed to burning SHIB as they believe reducing the total supply of the second-largest decentralized meme token would help in boosting the value of the token.
Likewise, the project development team is working tirelessly to onboard more utilities for SHIB via projects such as Shibarium and SHIB Metaverse. Although it may take some time, the ultimate aim of the community is to take SHIB to $0.01.
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