$SHIB
The Shiba Inu cryptocurrency team has confirmed plans for a significant reduction in the number of SHIB tokens in circulation. A marketing specialist at Shiba Inu, Lucie, announced the collection of 40 Ethereum (ETH), valued at approximately $155,720, to be used for burning SHIB tokens. This move is likely connected to Shibarium's efforts, a platform for burning SHIB tokens, which has already removed 43 billion SHIB tokens from circulation. Despite a pause since the last burning session, the community speculates that the team is preparing for a special Shibarium burning portal, expected to automatically burn SHIB tokens when $25,000 worth of SHIB is accumulated. With the current price of ETH at $3,893 and SHIB at $0.00003356, the burning of 40 ETH could remove up to 4.64 billion SHIB from circulation. Although this may seem small compared to the total supply, such burning actions could help sustain and bolster SHIB's growth trend and introduce deflation during periods of increased demand. As of now, SHIB has seen a 10.25% increase in the last 24 hours, with a 160.64% increase over the week and a 275% increase over the past month.
