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One of the major concerns of SHIBarmy revolves around the massive supply of SHIB tokens. This more than needed supply decreases the token value drastically. However, the Shiba Inu community came up with the burning mechanism of SHIB tokens that would decrease the circulating supply and increase the scarcity followed by the prices.
Earlier it was reported that the community is concerned about the slow pace of SHIB burn. Now one of the prominent and active Shiba Inu community members named Travis Johnson shared his expectations that August might see more number of SHIB tokens burnt in July. He admitted that he himself burned approx 5 billion SHIB tokens by now. He mentioned in his tweet that he is on the way to beat the pace of last month where he reached a milestone of 4.7 billion.
Johnson noted in recent tweets that he was successful in accumulating more Shiba Inu tokens and burning them this month. As per the chart showcased in his recent tweet, overall SHIB worth 1,000 USD were burned during last month. While mentioning the growth of August month, he said that it reached almost half of the last month.
He also mentioned several other noteworthy milestones in the following tweets. More than 4,734,648,653 meme tokens were burned on his platform. This equates to worth more than 60K USD.
About a week earlier, Johnson called out the Shiba Inu community and brought their attention towards the massive number of SHIB tokens removed from circulation. He mentioned that on an average about 1.13 billion Shiba Inu were burned even after daily efforts and this would not make the price to reach anywhere notable.
Travis, who also used to be a game developer, also mentioned that the burning of more than 1 million SHIB could be achieved using several websites. He explained this includes different mobile games generating partly income from marketing and advertising spent on burning of SHIB tokens.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
