The Shiba Inu (SHIB) cryptocurrency community reportedly burned over 3.7 billion SHIB tokens in August, where the price of the cryptocurrency rose along with its holder count.
Through Shibburn Shiba Inu's tracking platform, 528 transactions successfully destroyed 3.7 billion cryptocurrency tokens last month to use those burn tokens as a method to dilute *circulating supply and increase scarcity.
*Circulating supply is the number of cryptocurrency tokens that are publicly available and circulating in the market
In fact, the Shiba Inu burn portal on ShibaSwap, a decentralized cryptocurrency-based exchange, has seen users burn 63 billion SHIB tokens on it including interactions from 2,100 Ethereum addresses.
It should also be noted that the most significant increase in token burning occurred at the end of August, although last month saw the lowest token burning since the Shiba Inu burn portal was launched.
Also, these numbers do not mean that the efforts of the Shiba Inu community have not paid off as the price of the cryptocurrency increased slightly from the beginning of July and throughout August.
Furthermore, the main contributor to Shiba Inu's burning is the "1 Cent" token inspired by SHIB which aims to bring the cryptocurrency to $0.01 and diversify other community projects, for example SHIB Super Store.
According to data from the Ethereum blockchain, the number of addresses holding the SHIB cryptocurrency is also increasing, exceeding 1.2 million last month and now growing to 1.216 million.
