Shibarium, the layer-2 network for Shiba Inu ($SHIB ), is set to start burning #SHIB tokens from January 2024 onwards.
The burned tokens will be sent to a dead wallet, never to be recovered again. The burning process will be automatic and will be triggered after the network collects a total of $25,000 in fees from users. 70% of the fees will be used to burn SHIB, while the remaining 30% will be allocated to maintain the network says #CoinClub .
The aim of the token burning is to reduce the circulating supply of SHIB, making the token more scarce and potentially impacting its price. While the exact amount of SHIB tokens to be burned in January 2024 is not specified in the #cryptonews search results, one community member mentioned that Shiba Inu will burn over 100 trillion tokens this year, with 9 trillion being burned in January alone.
Another source suggested that 10 trillion #crypto tokens could be burned in January 2024.
Vote for #CoinClub for the Binance Square Creator of the Year Award Now!
