Since its launch, the meme-inspired cryptocurrency has sold about 410.73 trillion tokens out of a total volume of 1 trillion. Most of the tokens were burned after most of the SHIB stock was sent to Vitalik Buterin, co-founder of Ethereum.
The burn mechanism is designed to reduce the overall supply of #SHIB tokens, reduce supply and potentially lead to a price increase if demand remains flat or increases. The strategy is multifaceted and includes both automated and manual burning.
Last month, analyst firm Santiment shed light on the SHIB ecosystem and reportedly found that its investors are experiencing "huge levels of FUD (fear, uncertainty and doubt)" and that more than 1 billion SHIB wallets hold "the majority" of their funds.
An analysis by Santiment found that the share of meme-inspired cryptocurrencies in wallets with less than 1 billion SHIBs is at its lowest level since November 2022.
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