In a recent development, the team behind the popular meme coin Shiba Inu announced they have burned over 200 ETH worth of tokens in just about a month.
The incinerated tokens, worth around $476,000 at current market prices, follow weeks of consistent efforts from the team and community members. Importantly, expectations are that the token burns will help constrict SHIB supply and drive up its value.
The announcement from the Shiba Inu team comes amidst a significant uptick in the token’s burn rate. At the time of press, data from SHIB burn tracker Shibburn indicates that the burn rate is up 27510% in the past 24 hours.
Explaining the spike, Shiba Inu’s content marketer Lucie posted a receipt on X, which showed the incineration of 9,351,444,446 SHIB tokens. The massive burn marks the first instance of SHIB incineration by the meme coin’s team this year.
Shibarium
Details from Etherscan reveal the tokens taken from circulation are worth around $89K. The tokens were burned in a singular transaction after they were transferred to a designated dead wallet.
It bears mentioning that the recent burn is the fifth from the Shiba Inu team using gas fees realized from the meme coin’s layer-2 blockchain, Shibarium. Cumulatively, the development team has successfully removed over 43 billion SHIB tokens from circulation.
So far, Shibburn data reveal over 410 trillion SHIB tokens have been wiped out from the initial supply. Presently, there are 581,044,644,129,612 SHIB tokens in circulation. Turning to CoinMarketCap, data shows Shiba Inu’s price rose briefly following the token burn before succumbing to the bearish pressure in the market. At press time, the token is down 0.55% in the past 24 hours and sells for $0.000009468 apiece.
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