- The Shiba Inu ecosystem team plans for a substantial SHIB burn, amassing 40 Ethereum (ETH) to initiate the burn in the near future.
- These 40 ETH, valued at $155,720, could remove approximately 4.64 billion SHIB tokens from circulation.
The Shiba Inu ecosystem team has announced its intention to conduct a substantial SHIB burn in the near future. Lucie, Shiba Inu’s marketing expert, made this announcement in a recent post. According to Lucie, the team has amassed 40 Ethereum (ETH) for the purpose of incinerating SHIB tokens in the upcoming days.
As of the current writing, the value of the 40 ETH stands at approximately $155,720, with each unit of ETH priced at $3,893.
$SHIB burns incoming!
40 ETH collected for the burn. Stay tuned!
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
(@LucieSHIB) March 8, 2024
While Lucie’s announcement lacked detailed insights into the impending burns, investors anticipate that this move could be linked to the ongoing Shibarium-powered burns.
It’s worth noting that since December 2023, the Shibarium team has been systematically burning large quantities of SHIB by utilizing a portion of the network’s gas fees. To date, they have initiated five burns, effectively eliminating 43 billion SHIB tokens from circulation, as reported by Crypto News Flash.
The most recent, fifth burn occurred on January 9, during which 9.35 billion SHIBs went out of circulation. Shiba Inu’s official X handle also confirmed that the Shibarium team had utilized nearly 200 ETH for the burn.
However, despite a surge in total transactions recorded on the network, the team has not executed any Shibarium-powered burns since the fifth one. Speculation within the community suggests that the Shiba Inu ecosystem team might be awaiting the deployment of the Shibarium burn portal, which is currently undergoing extensive testing, per Crypto News Flash.
The protocol will automatically burn SHIB once Shibarium fulfills specific conditions, such as accumulating $25,000 worth of BONE.
The total Shiba Inu (SHIB) Burn Possibility
After Lucie revealed that 40 ETH has been gathered to burn SHIB, here is the potential number of SHIB that would be incinerated if the burn were to commence immediately.
With each ETH priced at $3,893, the total value of the 40 ETH amounts to $155,720. At the current trading price of Shiba Inu, standing at $0.00003356 at the time of writing, the calculation unfolds.
Considering these figures, if the team decides to execute the SHIB burn with all 40 ETH at this moment, a total of 4,640,047,675 (4.64 billion) tokens would be extracted from Shiba Inu’s circulating supply.
Although this quantity may seem minor in comparison to the vast circulating supply of 589.29 trillion tokens, such burns have the potential to reinforce Shiba Inu’s ongoing upward trend, introducing a modest deflation amid heightened demand.
At the time of writing, SHIB has surged by 7.87% in the last 24 hours to reach $0.00003356. Moreover, the token has seen impressive gains of 160.64% over the past week and 275% over the preceding 30 days.
