The Shiba Inu team has been making significant strides this month in fulfilling their commitment to actively participate in SHIB token burns, a strategy aimed at reducing the overall supply of SHIB. In the latest development, the team executed a massive burn, incinerating a staggering 8.47 billion SHIB tokens. This brings the total burned in December alone to an impressive 33.8 billion SHIB, showcasing the team’s dedication to implementing systematic token burns.
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🔥 4th $SHIB Burn Alert! 🔥
Enjoy these #Shibarium flames. pic.twitter.com/jlYSlhl9hG
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
Any member of the Shiba Inu community can initiate SHIB burns, but the team has taken the lead this month with four notable burns. The most recent burn involved sending 8,471,583,707 SHIB tokens, valued at $92,170 during the burn, into a dead wallet. The cumulative effect of these burns is a permanent removal of SHIB tokens from circulation, contributing to a gradual reduction in the total available supply.
The first burn occurred on December 5, with 8,241,856,589 SHIB sent to a dead wallet. Subsequent burns took place on December 12 and December 22, resulting in the transfer of 8,615,169,427 and 8,533,564,693 SHIB tokens to dead wallets, respectively. The combined value of these burns, considering the current SHIB price, exceeds $360,000 in just a few weeks.
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While the burned tokens amount to 33.8 billion, they represent only a fraction of the massive SHIB circulating supply of 589 trillion. Nevertheless, the Shiba Inu team has pledged to continue these regular burns, emphasizing their commitment to gradually decreasing the total supply over time. The ultimate goal is to enhance the scarcity and value of SHIB for its holders.
In the aftermath of the burns, Shiba Inu experienced a brief rally, breaking the $0.000011 price level for the second time in December. However, the meme token has since undergone correction and is currently trading at $0.00001089. Data from IntoTheBlock indicates that 41.95% of addresses are in profit at the current price.
The recent SHIB burns are attributed to accumulated network fees on Shibarium, a platform that has seen a surge in transaction count in recent weeks. Shibariumscan data reveals a total of 177 million transactions, with 7.7 million transactions occurring in the past 24 hours. If the current rate of activity persists, the transaction count is poised to reach 180 million in the coming days and 200 million before the end of the year, marking a significant milestone for Shibarium. The heightened network activity aligns with Shiba Inu’s broader strategy to enhance its ecosystem and drive value for the SHIB token.