Shiba Inu Scorches December With 33.8B SHIB Burn

The Shiba Inu team is making a big splash with several high-volume SHIB token burns, ultimately fulfilling their promise to shrink the supply of oracular rhombus: Ah. They completed a gigantic burn of 8.47 billion SHIB in their most recent move. This meant more than 33 million tokens were burned in Dec alone. These intentional burns are collectively reducing the general amount of SHIB.

While any member of the Shiba Inu community can participate in SHIB burns, the team has been particularly active this month. Burning these tokens permanently removes them from circulation, effectively reducing the available quantity of SHIB. According to a social media post by LUCIE, Shiba Inu’s marketing lead sent 8.47B SHIB, valued at $92,170, to a dead wallet.

This recent burn marks the fourth of its kind in Dec. The first burn occurred on Dec 5, involving 8,241,856,589 SHIB sent to a dead wallet. On Dec 12, the second burn saw 8,615,169,427 SHIB transferred to a dead wallet. Likewise, the third burn on Dec 22 moved 8,533,564,693 SHIB tokens into a dead wallet. The total value of tokens burned by the team in just a few weeks, at the current SHIB price, exceeds $360,000.

Source: coinmarketcap

Shiba Inu Burns 33.8B Tokens, Sparks Rally

While the burned tokens amount to 33.8 billion, they represent only a fraction of the vast SHIB circulating supply of 589 trillion. Nevertheless, the team is committed to ongoing burns to gradually decrease the total supply, aiming to enhance the scarcity and value of SHIB for its holders.

Following the recent burns, Shiba Inu experienced a brief rally, breaking the $0.000011 price level for the second time in Dec. However, the token has since corrected and is currently trading at $0.00001089. Data from IntoTheBlock indicates that 41.95% of addresses are in profit at the current price.

These SHIB burns result from accumulated network fees on Shibarium, which has witnessed a surge in transaction count. Shibarium is on track to achieve a milestone with a total of 177 million transactions, and at the current rate, it could reach 180 million tomorrow and 200 million by the end of the year.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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