Shiba Inu and Terra Classic Burn Millions of Tokens, Prices Surge

• Regular token burning is an attribute of the SHIB and LUNC communities.
• The SHIB community burned over 918 million tokens in June.
• LUNC surged 4% in anticipation of an upcoming token burn.

Shiba Inu (SHIB) and Terra Classic (LUNC) communities are actively burning tokens to reduce supply and boost prices, with notable success in June. This strategy, a recognized method for controlling inflation and increasing token value, has ignited price rallies for both meme coins.

According to reports, the Shiba Inu community permanently removed over 918 million SHIB tokens from circulation in June. Data shared by Shibburn showed that nearly one-third of the total SHIB burned in June occurred on the last day of the month, boosting the monthly burn rate by 148.69%.

Shibburn’s shared data shows that the Shiba Inu community burned SHIB tokens in varying proportions over 25 of the 30 days in June. Cumulatively, the community burned more SHIB in the first half of the month, specifically between June 11 and June 14. However, it is crucial to note that the 300 million SHIB tokens burned on June 30 significantly affected the meme coin’s price.

TradingView’s data showed SHIB surged 5% due to the burn, pushing the price from $0.00001660 to $0.00001759. SHIB retracted slightly to close the session at $0.00001722. However, the meme coin has since resumed the rally to trade for $0.00001735 at the time of writing.

The Terra Luna Classic community also values the burning mechanism implemented by Binance. Validators on the network are staking significant numbers of tokens in anticipation of a burn-triggered boost. LUNC’s token supply has decreased to 6.78 trillion after recent burning exercises.

Meanwhile, LUNC reacted to the upcoming exercise, boosting the token’s price by nearly 4% in the last 24 hours, according to data from TradingView. LUNC traded for $0.000082046 at the time of writing.