Shiba

Future

Burn

Shiba Inu

Billion

The <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-announces-partnership-with-d3-global-price-plunges/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu team</a> 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.&nbsp;
<h2 id="b-massive-8-7-billion-shib-burned-b">Massive 8.7 Billion SHIB Burned</h2>
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 $92,170 at the time of burn, were sent into a dead wallet.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 4th <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SHIB</a> Burn Alert! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;">
 Enjoy these <a href="https://twitter.com/hashtag/Shibarium?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Shibarium</a> flames. <a href="https://t.co/jlYSlhl9hG" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/jlYSlhl9hG</a>
 — 𝐋𝐔𝐂𝐈𝐄 | <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;">Shib.io<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LucieSHIB) <a href="https://twitter.com/LucieSHIB/status/1738332247709892625?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 22, 2023</a>
</blockquote>
The latest burn would make it the fourth of its kind. <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-8-billion-shib-burned/" target="_blank" rel="noopener noreferrer nofollow">The first burn</a> was on December 5, when 8,241,856,589 SHIB were sent to a dead wallet. <a href="https://bitcoinist.com/shiba-inu-team-carries-out-massive-shib-burn-triggers-779000-spike/" target="_blank" rel="noopener noreferrer nofollow">The second burn</a> took place on December 12, with 8,615,169,427 SHIB transferred to a dead wallet. In a similar manner, <a href="https://bitcoinist.com/shiba-inu-burn-rate-skyrockets-by-161540/" rel="noopener noreferrer nofollow">the third burn</a>, 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.
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 <a href="https://bitcoinist.com/shiba-inu-lead-dev-confirms-over-1-2-million-worth-of-shib-to-be-burned-details/" rel="noopener noreferrer nofollow">team has pledged</a> to continue executing regular burns to gradually decrease the total supply over time. The goal is to <a href="https://bitcoinist.com/shiba-inu-team-shib-burns/" target="_blank" rel="noopener noreferrer nofollow">make SHIB more scarce</a> and valuable for holders.
<h2 id="b-future-outlook-for-shiba-inu-b">Future Outlook For Shiba Inu</h2>
Shiba Inu recently <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-0-00002-shibarium/" target="_blank" rel="noopener noreferrer nofollow">went on a short rally</a> 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%&nbsp;of addresses are in profit at the current price.&nbsp;
The recent SHIB burns are from the accumulated network fees on <a href="https://bitcoinist.com/shiba-inu-first-shibarium-hard-fork/" target="_blank" rel="noopener noreferrer nofollow">Shibarium</a>. 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

Shiba Inu Team Executes 4th Burn To Bring Total To Nearly 34 Billion

Table of Contents

Bitcoinist

Other articles published on Dec 24, 2023

The Rise of AI Agents – Nansen Reports Foresees a Blockchain Takeover in 2024

Coinbase Responds to Accusations from Cryptocurrency-hating Senator Elizabeth Warren

Former SEC official discusses a potential Bitcoin ETF approval

Defi Wallet: Insights Into A Powerful Tool For Every Crypto User

Red-Hot Avalanche (AVAX) Surges Again Despite These Overbought Warnings

Storm Thwarts Suspected South Korean Crypto Price Fixer’s Flight to China

Join our free newsletter for daily crypto updates!