SHIB Burns and Reduction in Circulation
While any member of the Shiba Inu community can carry out SHIB burns, the Shiba Inu team has been particularly active lately. The process involves permanently removing the burned tokens from circulation, resulting in a decrease in the quantity of available SHIB. LUCIE, Shiba Inu’s marketing lead, shared on social media that 8,471,583,707 SHIB tokens, valued at $92,170 at the time of the burn, were sent to a dead wallet.
The first burn occurred on December 5, with 8,241,856,589 SHIB being transferred to a dead wallet. On December 12, the second burn saw 8,615,169,427 SHIB sent to a dead wallet. Similarly, the third burn on December 22 involved the transfer of 8,533,564,693 SHIB tokens to a dead wallet. Just in a few weeks, the team burned over $360,000 worth of tokens based on the current SHIB price.
Continued Burns and Total Supply
Despite the large number of burned tokens, 33.8 billion still represents only a fraction of the vast circulating supply of SHIB, which stands at 589 trillion. Nevertheless, the Shiba Inu team remains committed to conducting regular burns in order to gradually reduce the total supply over time.
Following the recent burn, Shiba Inu experienced a brief rally, surpassing the $0.000011 price level for the second time this month. However, the meme token has since undergone a correction and is currently trading at $0.00001089. Data from IntoTheBlock shows that 41.95% of addresses are in profit at the current price.
Meanwhile, Shibarium, which has witnessed a surge in transaction count in recent weeks, is approaching another significant milestone. If the current level of activity persists, the transaction count could reach 180 million tomorrow and potentially hit 200 million by the year-end.