The Shiba Inu team has been on a roll this month, executing massive SHIB token burns as part of their promise to actively partake in SHIB burns. This time, they incinerated a whopping 8.47 billion SHIB, bringing the total burned so far in December to over 33.8 billion SHIB. These systematic burns are starting to have a cumulative effect on the total supply of SHIB.
Massive 8.7 Billion SHIB Burned SHIB burns can be carried out by any member of the Shiba Inu community, but the Shiba Inu team has been busy this month. Once these tokens are burned, they are removed from circulation permanently, resulting in a reduction in the quantity of SHIB available. According to a social media post by LUCIE, Shiba Inu’s marketing lead, 8,471,583,707 SHIB tokens, worth $92,170 at the time of burn, were sent into a dead wallet.
🔥 4th $SHIB Burn Alert! 🔥
Enjoy these #Shibarium flames. pic.twitter.com/jlYSlhl9hG
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
The latest burn would make it the fourth of its kind. The first burn was on December 5, when 8,241,856,589 SHIB were sent to a dead wallet. The second burn took place on December 12, with 8,615,169,427 SHIB transferred to a dead wallet. In a similar manner, the third burn, which took place on December 22, resulted in the transfer of 8,533,564,693 SHIB tokens into a dead wallet. At the current SHIB price, that’s over $360,000 worth of tokens burned by the team 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’s still just a tiny fraction of the massive SHIB circulating supply of 589 trillion. However, the team has pledged to continue executing regular burns to gradually decrease the total supply over time. The goal is to make SHIB more scarce and valuable for holders.
Future Outlook For Shiba Inu Shiba Inu recently went on a short rally after the burn that saw its price break the $0.000011 price level for the second time this month. However, the meme token has since corrected and is currently trading at $0.00001089. According to data from IntoTheBlock, 41.95% of addresses are in profit at the current price.
The recent SHIB burns are from the accumulated network fees on Shibarium. On the other hand, Shibarium, which has exploded in transaction count in recent weeks, is on its way to registering another milestone. Data from Shibarumscan puts the total transactions at 177 million and 7.7 million transactions in the past 24 hours. Assuming the current rate of activity continues, the transaction count could hit the 180 million milestone tomorrow and 200 million before the end of the year.
Featured images from Shutterstock
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.