The Shiba Inu team has been carrying out burns over the last few months, leading to some of the largest burn figures in the history of the meme coin. With the success of these previous burns, the team has continued to intensify their efforts, and now, they’re getting ready to carry out their biggest burn yet.
Shiba Inu Market Lead Reveals Burn Figure
In a post on X (formerly Twitter), Shiba Inu market lead LUCIE, revealed that the team was getting ready to carry out a massive burn. According to Lucie, the team has been able to accumulate a total of 40 ETH which will be put toward burning SHIB tokens.
???? $SHIB burns incoming!
40 ETH collected for the burn. Stay tuned! ????
— ???????????????????? | SHIB.IO ????????♀️ (@LucieSHIB) March 8, 2024
Going by the current value of ETH, the 40 ETH is worth a little over $157,000, which means this burn would be the largest carried out by the team so far. Converting the $157,000 figure to SHIB shows that it would mean around 4.6 Billion tokens being sent to the burn address.
The current circulating supply of Shiba Inu is sitting at 589 trillion tokens, which means that 4.6 billion tokens being sent to the burn address would eliminate approximately 0.0008% of the circulating supply. This would be one of the largest single burn events for SHIB since Ethereum founder Vitalik Buterin burned almost half of the supply in 2021.
Lucie, however, does not give a timeline for when the burn will be carried out. If the previous team burns is anything to by, then the burn will be carried out in a single transaction.
SHIB price rebounds above $0.000035 | Source: SHIBUSDT on Tradingview.com
SHIB Burn Not Living Up To Expectations
The Shiba Inu burn initiative began as a way for the community to reduce the circulating supply of the cryptocurrency in order to help increase its value. The first great burn was carried out in 2021 by Vitalik Buterin, but since then, the burn figures have only been a trickle compared to the circulating supply.
Despite being two years in the making, the total SHIB burned by the community is yet to cross the 1 trillion token market. Even with large burns by the Shiba Inu team sending tens of thousands of dollars worth of coins to the burn address, the supply remains high.
While the expected 40 ETH burn from the team is encouraging, the SHIB burn rate would need to see a major and sustained acceleration to make a dent in the circulating supply. Presently, a total of 410,709,434,323,240 SHIB tokens have been burned since its inception, leaving 582,428,480,919,514 tokens in circulation.
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Author: Best Owie
