Shiba Inu Burn Value (SHIB) Equivalent to IDR 2.3 Billion Since Special Portal Launched

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Since the special portal was launched, the burn value of the Shiba Inu (SHIB) meme token has skyrocketed, equivalent to IDR 2.3 billion.

Even though this isn't the year of dog meme-based tokens, SHIB and its community are continuing to do a good job of reducing their massive circulating supply.

It is hoped that the Shiba Inu burn will be able to suppress the existing supply and make it even more scarce. Moreover, at a time when the ecosystem is growing and attracting more demand for SHIB tokens.

Shiba Inu Burn Rate Sets Record

Based on the Watcher News report, since the ShibBurn burn portal was introduced, the burn value has set a new record in last August.

In the month, the portal burned around 3.6 billion SHIB tokens, bringing the total burned since its presence in April to 12.67 billion tokens.

If converted into rupiah, the value of the tokens that have been burned is equivalent to Rp. 2.3 billion and leaves 589.62 trillion tokens, about 59 percent of the total supply, which is still in circulation.

In addition, there are several new businesses involved in this Shiba Inu burn effort, one of which is game developer Travis Johnson.

Reportedly, Johnson's account burned $2,696 worth of tokens in August, which came from Amazon's affiliate program.

On the other hand, not too long ago, there was a mysterious whale wallet that transferred 114.9 billion SHIB to the wallet of the Binance crypto exchange. Then, 272 million tokens followed to the same wallet.

Moving a large number of tokens to crypto exchange wallets can certainly be a bad sign, as it could all be liquidated and bring an additional bearish wave to SHIB's capitalization.

Moreover, since mid-August, the price of SHIB has continued to correct after it shot wildly above several major crypto assets such as Dogecoin (DOGE), Bitcoin (BTC) and Cardano (ADA).

Indeed, fundamentally the Shiba Inu burn has not had a significant impact on token price movements, because the crypto market is still in a very bearish condition.

However, in the long term, this will likely start to bear fruit as the Shiba Inu ecosystem becomes more complete and perfect. There are still plenty of surprises from developer Shiba Inu for the months and years to come.

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