The Shiba Inu Team Prepares for Largest Burn Yet
The Shiba Inu team has been carrying out burns over the last few months, resulting in some of the largest burn figures in the history of the meme coin. Now, they are gearing up to execute their biggest burn yet.
Shiba Inu Market Lead Announces Burn Figure
In a recent post on X (formerly Twitter), Shiba Inu market lead LUCIE revealed that the team is preparing for a massive burn. The team has accumulated 40 ETH, which will be used to burn SHIB tokens.
$SHIB burns incoming!
40 ETH collected for the burn. Stay tuned!
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
(@LucieSHIB) March 8, 2024
The 40 ETH collected for the burn is worth over $157,000, making it the largest burn carried out by the team thus far. This amount of ETH would translate to approximately 4.6 billion tokens being sent to the burn address.
With a current circulating supply of 589 trillion Shiba Inu tokens, burning 4.6 billion tokens would eliminate around 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 did not provide a specific timeline for the burn, but based on previous burns by the team, it is likely to be completed in a single transaction.
SHIB Burn Falling Short of Expectations
The Shiba Inu burn initiative was launched to reduce the circulating supply of the cryptocurrency and increase its value. While there was an initial significant burn carried out by Vitalik Buterin in 2021, subsequent burn figures have been relatively small compared to the circulating supply.
Despite being two years in the making, the total amount of SHIB burned by the community has yet to surpass 1 trillion tokens. Even with large burns conducted by the Shiba Inu team, which involve sending tens of thousands of dollars worth of coins to the burn address, the overall supply remains high.
Although the expected 40 ETH burn from the team is promising, a significant and sustained acceleration in the SHIB burn rate is needed to make a substantial impact on the circulating supply. Currently, a total of 410,709,434,323,240 SHIB tokens have been burned since the coin’s inception, leaving 582,428,480,919,514 tokens in circulation.
Hot Take: The Future of SHIB Burns
The upcoming massive burn by the Shiba Inu team demonstrates their commitment to reducing the circulating supply of SHIB tokens. However, it remains to be seen whether this burn will have a significant impact on the overall supply and token value. Here are some key points to consider:
- The 40 ETH collected for the burn is the largest amount accumulated by the team so far.
- Burning 4.6 billion tokens would eliminate approximately 0.0008% of the circulating supply.
- Previous burns by the team have been carried out in a single transaction.
- The overall SHIB burn rate needs to accelerate significantly to make a substantial dent in the circulating supply.
- The current circulating supply of SHIB is still high despite previous burn efforts.
As the Shiba Inu team continues its burn initiatives, crypto enthusiasts will be eagerly watching to see if these efforts can drive up the value of SHIB tokens and create more scarcity in the market. Stay tuned for updates on this ongoing saga!
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