The Shiba Inu team has demonstrated their commitment to constraining the supply and driving up the value of the popular meme coin, SHIB, by burning over \(476K worth of tokens in a span of five weeks. The latest burn, conducted yesterday, involved the incineration of over 9 billion SHIB tokens, valued at over \)89K.
The announcement of this significant token burn comes amidst a noticeable increase in SHIB’s burn rate. According to data from SHIB burn tracker Shibburn, the burn rate has surged by an astonishing 27510% in the past 24 hours. This surge has caught the attention of the crypto community, as they speculate on the potential impact of these burn events.
Lucie, the content marketer for Shiba Inu, shed some light on this spike in burn activity by posting a receipt on X, which validated the incineration of 9,351,444,446 SHIB tokens. This substantial burn marks the first instance of SHIB incineration by the meme coin’s team in the current year.
The tokens taken out of circulation during this burn were valued at approximately $89K, as per details from Etherscan. The burn was executed through a single transaction, with the tokens being transferred to a designated dead wallet. This recent burn event represents the fifth token burn performed by the Shiba Inu team, utilizing gas fees generated from the meme coin’s layer-2 blockchain, Shibarium. In total, the team has successfully eradicated over 43 billion SHIB tokens from circulation.
According to Shibburn data, a staggering 410 trillion SHIB tokens have been wiped out from the initial supply so far. Currently, there are 581,044,644,129,612 SHIB tokens in circulation, indicating a significant reduction in supply due to the ongoing burn events.
Despite the optimistic outlook surrounding the token burns, the market response has been mixed. CoinMarketCap data reveals that Shiba Inu experienced a brief price surge following the most recent burn, but ultimately succumbed to bearish pressure. At present, the token is down 0.55% in the past 24 hours and is valued at $0.000009468 per token.
The Shiba Inu team’s consistent efforts to burn tokens and restrict supply demonstrate their dedication to shaping the future of SHIB. As the burn events continue, investors and community members eagerly await the potential effects on SHIB’s value and market dynamics.
This article was originally published on Coin Edition.