Shiba Inu‘s trending token, SHIB saw some important burning initiatives in August as demand continued to flood in. From metaverse developments to adoption rate (retail and institutional)- all seem to be lining up for this memecoin. But with one exception- its low price.

Shiba Inu has a total supply of about one quadrillion — the reason why the project is consistently burning its token is to reduce its oversupply.

By burning tokens, the number in circulating supply reduces over time and, in theory, should elevate the SHIB price. But was that the case in reality?

Both August and even September saw some heavy developments within this segment. Talking about the latter, more than 300 million Shiba Inu tokens were burnt since the start of September, according to shiba-burn-tracker.com.

Just in 24 hours alone, 35 transactions destroyed a total of 102,111,340 tokens of the meme-inspired cryptocurrency. This represented a 65% hike in the burn rate as per Shibburn official website.

<p lang=«en» dir=«ltr» xml:lang=«en»>In the past 24 hours, there have been a total of 102,111,340 $SHIB tokens burned and 35 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) September 6, 2022

Although, the most significant daily burn so far happened on 31 August, which saw 455,699 tokensburned within 24 hours. Fair to say, the community burning the tokens had continued the momentum from the previous month.

Herein, 528 transactions destroyed a total of 3.7 billion tokens of the meme-inspired cryptocurrency, which has been using token burns as a way to dilute its circulating supply and boost scarcity.

Source: Shiba-burn-tracker

Could September see a higher