The Shiba Inu cryptocurrency (SHIB) celebrates its fifth anniversary since its launch. Over the years, the project has achieved significant success and implemented a token burning strategy.
Achievements of Shiba Inu Over 5 Years
Shiba Inu was launched on August 1, 2020, with an initial supply of 1 quadrillion tokens. By October 2021, the token price increased approximately 150,000 times, reaching an all-time high of $0.000088. The project entered the top 10 cryptocurrencies and gained significant recognition throughout 2021, being accepted by retailers like Newegg. Notably, SHIB was listed on major exchanges such as Binance (in May 2021) and Coinbase (in September 2021).
Token Burning Strategy
Since its launch, Shiba Inu has implemented a token burning strategy to reduce the total supply and increase long-term value. According to Shibburn, a total of 410,752,071,267,334 SHIB have been burned, accounting for over 41% of the initial supply. A notable burn was conducted by Ethereum co-founder Vitalik Buterin in May 2021, where he burned 410 trillion SHIB and donated 50 trillion. In the last 24 hours, 1,102,997 SHIB were burned, with 629,718,781 SHIB burned over the past week, marking a 1,720% increase in the weekly burn rate.
Future of Shiba Inu and Its Ecosystem
SHIB was added to the Robinhood platform in April 2022, and in October that year, the mobile game Shiba Eternity was launched. In August 2023, the Shibarium Layer-2 blockchain for Shiba Inu was launched on the mainnet, promising to expand the project's ecosystem and enhance its functionality.
Shiba Inu continues to evolve, as evidenced by its successful token burning strategy and growing ecosystem. The project's fifth anniversary signifies significant progress and potential for future growth.
