that much Shiba Inu Team This month, we executed a large-scale SHIB token burn as part of our commitment to actively participate in SHIB burns. This time, a whopping 8.47 billion SHIBs were incinerated, bringing the total number of SHIBs incinerated as of December to over 33.8 billion. These systematic burns are starting to have a cumulative impact on the overall supply of SHIB.
Large-scale incineration of 8.7 billion SHIB
SHIB burns can be performed by any member of the Shiba Inu community, but the Shiba Inu team has been busy this month. When these tokens are burned, they are permanently removed from circulation, reducing the amount of SHIB available. According to a social media post from LUCIE, Shiba Inu’s head of marketing, at the time of the burn, 8,471,583,707 SHIB tokens worth $92,170 were sent to the dead wallet.
🔥 4th $SHIB Burn warning! 🔥
enjoy this #cybarium flame. pic.twitter.com/jlYSlhl9hG
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
The latest burn resulted in a fourth burn. first burn On December 5, 8,241,856,589 SHIB was transferred to dead wallets. second burn On December 12, 8,615,169,427 SHIB was transferred to the dead wallet. In a similar way, third burnOn December 22nd, 8,533,564,693 SHIB tokens were moved to the dead wallet. Based on current SHIB prices, the team burned $360,000 worth of tokens in just a few weeks.
Shiba Inu currently trading at $0.0000108529 territory. Chart: TradingView.com
While 33.8 billion tokens may sound like a lot, it is still a tiny fraction of the SHIB circulating supply of 589 trillion. which the team promised Continue to run regular burns, gradually reducing the total supply over time. The goals are: Make SHIB rarer It has value to the holder.
Future prospects for Shiba Inu
Recently Shiba Inu went to a short meeting After the price burned, it broke the $0.000011 price level for the second time this month. However, the meme token has since been modified and is currently trading at $0.00001089. 41.95% according to IntoTheBlock data The address is profitable at the current price.
The recent SHIB burn came from network fees accumulated on . Sybarium. Meanwhile, Shibarium, which has seen an explosion in trading volume in recent weeks, is heading towards registering another milestone. According to data from Shibarumscan, the total number of transactions in the last 24 hours was 177 million and 7.7 million. Assuming the current pace of activity continues, the number of transactions could reach 180 million tomorrow and 200 million before the end of the year.
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