Happycoin.club - The Shiba Inu (SHIB) and Terra Classic (LUNC) communities are actively burning tokens to reduce supply and increase prices. During the first month of summer they achieved noticeable success.
In June, the Shiba Inu community reportedly removed more than 918 million SHIB from circulation. Shibburn data shows that nearly one-third of June's total SHIB burns occurred on the last day of the month, increasing the monthly burn rate by 148.69%.
According to Shibburn, during 25 of the 30 days in June, the Shiba Inu community burned SHIB tokens at varying rates. The community burned more SHIBs in the first half of the month, especially between June 11 and June 14. However, it was the destruction of 300 million SHIB tokens on June 30 that significantly affected the price of the meme coin.
According to TradingView, the burns saw SHIB rise by 5%, causing the meme coin's price to rise from $0.00001660 to $0.00001759.
The Terra Luna Classic community also has high hopes for the burning mechanism implemented by Binance. Validators on the network stake a significant number of tokens in anticipation of the boost caused by their destruction. As a result of their efforts, the number of LUNCs was reduced to 6.78 trillion.
According to TradingView, the token responded to the reduction in circulating supply by rising in price by almost 4%, rising to the current $0.000082046.
