The Shiba Inu memcoin team has withdrawn 2.85 million SHIB tokens from circulation over the past 24 hours. During the week, the total amount of destroyed coins reached 155.11 million. The monthly figure was 259.39 million SHIB. The data from the Shibburn platform shows important burning statistics. The total number of incineration transactions was 21,170. This indicates a periodic reduction in the supply of tokens. As part of these operations, 410.8 trillion SHIB were permanently withdrawn from circulation. This amount is equal to 41.08% of the initial offer from Shiba Inu. Initially, one quadrillion tokens were issued. The total supply now stands at 589.1 trillion SHIB. There are 585.6 trillion coins in circulation.

Burning itself does not directly determine the market value of an asset. However, the total number of memcoins on the market is gradually decreasing. This should create a deficit and theoretically contribute to the growth of the exchange rate. An increase in demand can support the price of the token. In addition to sending coins to inaccessible addresses, automatic burning is built into the Shibarium blockchain. A certain amount of SHIB is destroyed from each transaction on the network. The number of addresses with SHIB storage has reached 1,676,819. Etherscan data confirms the activity of the community. This indicates the steady growth of the Shiba Inu ecosystem. Market sentiment is also improving markedly.

Over the past 24 hours, SHIB has grown by 3.2%. The entire crypto market reacted positively to the US inflation data. In June, the consumer price index decreased by 0.4%. Annual inflation dropped to 3.5%. Expectations of a Fed interest rate hike have weakened. This has increased the propensity of investors to invest in high-risk assets. Cryptocurrencies fall into this category. Last fall, the Shibarium Bridge was hacked. The hacker used an instant loan attack and withdrew assets worth $2.4 million. The developers of Shiba Inu have promised to increase the privacy of Shibarium. A special function based on fully homomorphic encryption is already being developed.