Shiba Inu’s burning program keeps going at relatively good temps, with over 2.3 billion tokens destroyed last month (equaling over $17,500 calculated at current rates). The process was finalized through 426 transactions.
?????? 2,323,834,085 $SHIB tokens have been burned in the month of September with 426 transactions. #Shib pic.twitter.com/ywWejDn3jy
— Shibburn (@shibburn) October 1, 2023
However, the total number of assets sent to an address nobody can access during September is almost 60% less than the figure registered in August. The monthly burn rate then included approximately 5.7 billion SHIB (worth around $46,000).
The burning program, which the Shiba Inu team has adopted, aims to reduce the circulating supply of SHIB tokens, thus making them more scarce and potentially more valuable in the future.
The memecoin has been on an uptrend recently, recording a 3% gain on a weekly basis and 4.4% for the past 14 days.
In comparison, SHIB was on a mini bull run during August when the burning rate was significantly higher than last month. Back then, it spiked to as high as $0.00001119 (per CoinGecko’s data), or 32% more than the current valuation.
According to some experts and the AI-powered language model ChatGPT, SHIB is poised for additional rally should several factors benefit its ecosystem. Increased trading activity, external events, community support, and overall crypto market conditions are some of those key elements.
ChatGPT went further, suggesting Shiba Inu has a chance to outperform the first-ever memecoin Dogecoin should technical improvements be in its favor.
The pseudonymous X (Twitter) user “Shib Informer” assumed last month that the real factors that could drive SHIB up are mass adoption and additional Shibarium utilization.
The latter is a layer-2 scaling solution that saw the light of day at the end of August. It aims to elevate Shiba Inu above its rivals by lowering transaction fees and improving speed. Those interested to find out more can watch our video below:
