During the course of this month, the Shiba Inu crew has been extremely productive, carrying out enormous SHIB token burns in order to fulfill their commitment to actively participate in SHIB burns. In this instance, they torched an astounding 8.47 billion SHIB, raising the total amount of SHIB that has been destroyed up to this point in December to more than 33.8 billion SHIB. These systematic burns are beginning to have an effect on the entire supply of SHIB, which is occurring as a cumulative effect.
SHIB worth an enormous 8.7 billion Burned Shiba Inu burns are something that may be performed by any member of the Shiba Inu community; however, the Shiba Inu team has been quite active this month. After these tokens have been destroyed, they are withdrawn from circulation forever, which leads to a decrease in the amount of SHIB that is accessible. LUCIE, who is in charge of marketing for Shiba Inu, made a statement on social media stating that 8,471,583,707 SHIB tokens, which were valued $92,170 at the time of the burn, were transferred into a wallet that was no longer active.
If the most recent fire were to occur, it would be the fourth of its sort. On December 5, a total of 8,241,856,589 SHIB were transferred to a wallet that had been abandoned. This was the first burn. On December 12, the second burn took place, and it resulted in the transfer of 8,615,169,427 SHIB to a wallet that had been destroyed. To a similar extent, the third burn, which took place on December 22nd, resulted in the transfer of 8,533,564,693 SHIB tokens into a wallet that was no longer active. That is more than 360 thousand dollars' worth of tokens that the team has burnt in just a few weeks, based on the current price of SHIB.
Despite the fact that 33.8 billion tokens may appear to be a substantial amount, it is still only a minute portion of the enormous quantity of 589 trillion SHIB that is now in circulation. On the other hand, the group has committed to carrying out periodical burns in order to progressively reduce the overall supply over the course of various time periods. The objective is to increase the scarcity of SHIB and the value it has for those who possess it.
Perspectives on the Future of Shiba Inu
A minor rebound occurred in Shiba Inu not too long ago, following the burn, which resulted in the cryptocurrency's price breaking the $0.000011 price threshold for the second time in November. On the other hand, the meme token has since gone through a correction and is presently trading at $0.00001089. A total of 41.95 percent of addresses are profitable at the present pricing, as indicated by the statistics provided by IntoTheBlock.
The most recent SHIB fires are the result of Shibarium's ongoing network costs that have accrued. On the other hand, Shibarium, which has seen a significant increase in the number of transactions over the past few weeks, is moving closer and closer to reaching yet another milestone. There have been 7.7 million transactions in the previous twenty-four hours, according to data from Shibarumscan, which puts the overall number of transactions at 177 million. On the assumption that the present rate of activity continues, the number of transactions might reach the 180 million milestone tomorrow, and it could reach the 200 million milestone by the end of the year.
