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Shiba Inu

Shiba Inu Team Announces Biggest SHIB Burn Yet, Here’s How Much

Best Owie
by Best Owie
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu team has been carrying out burns over the last few months, leading to some of the largest burn figures in the history of the meme coin. With the success of these previous burns, the team has continued to intensify their efforts, and now, they’re getting ready to carry out their biggest burn yet.

Shiba Inu Market Lead Reveals Burn Figure

In a post on X (formerly Twitter), Shiba Inu market lead LUCIE, revealed that the team was getting ready to carry out a massive burn. According to Lucie, the team has been able to accumulate a total of 40 ETH which will be put toward burning SHIB tokens.

Related Reading: Top AI Meme Coins That Should Be On Your Radar

🔥 $SHIB burns incoming!

40 ETH collected for the burn. Stay tuned! 👀

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) March 8, 2024

Going by the current value of ETH, the 40 ETH is worth a little over $157,000, which means this burn would be the largest carried out by the team so far. Converting the $157,000 figure to SHIB shows that it would mean around 4.6 Billion tokens being sent to the burn address.

The current circulating supply of Shiba Inu is sitting at 589 trillion tokens, which means that 4.6 billion tokens being sent to the burn address would eliminate approximately 0.0008% of the circulating supply. This would be one of the largest single burn events for SHIB since Ethereum founder Vitalik Buterin burned almost half of the supply in 2021.

Lucie, however, does not give a timeline for when the burn will be carried out. If the previous team burns is anything to by, then the burn will be carried out in a single transaction.

SHIB price chart from Tradingview.com (Shiba Inu team burn)

SHIB price rebounds above $0.000035 | Source: SHIBUSDT on Tradingview.com

SHIB Burn Not Living Up To Expectations

The Shiba Inu burn initiative began as a way for the community to reduce the circulating supply of the cryptocurrency in order to help increase its value. The first great burn was carried out in 2021 by Vitalik Buterin, but since then, the burn figures have only been a trickle compared to the circulating supply.

Related Reading: Why Is PEPE Price Up 50% Today?

Despite being two years in the making, the total SHIB burned by the community is yet to cross the 1 trillion token market. Even with large burns by the Shiba Inu team sending tens of thousands of dollars worth of coins to the burn address, the supply remains high.

While the expected 40 ETH burn from the team is encouraging, the SHIB burn rate would need to see a major and sustained acceleration to make a dent in the circulating supply. Presently, a total of 410,709,434,323,240 SHIB tokens have been burned since its inception, leaving 582,428,480,919,514 tokens in circulation.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from IndustryWired, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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