Shiba Inu Burns Over 8 Billion SHIB Tokens
The Shiba Inu team has continued their promise of actively participating in SHIB token burns by burning a massive 8.47 billion SHIB tokens. This brings the total burned in December to over 33.8 billion SHIB, resulting in a reduction in the total supply of the cryptocurrency.
Team Executes Fourth Burn
While any member of the community can carry out SHIB burns, the Shiba Inu team has been particularly active this month. They recently burned 8,471,583,707 SHIB tokens worth $92,170. This marks the fourth burn of its kind, with previous burns taking place on December 5, December 12, and December 22.
Continued Efforts to Decrease Supply
Although the current amount burned is just a fraction of the circulating supply of SHIB, which stands at 589 trillion tokens, the team plans to continue executing regular burns. The goal is to gradually decrease the total supply over time and increase scarcity and value for holders.
Outlook for Shiba Inu
Following the recent burn, Shiba Inu experienced a short rally that pushed its price above $0.000011 for the second time this month. However, it has since corrected and is currently trading at $0.00001089. Around 41.95% of addresses are currently in profit at this price.
The burns carried out by Shiba Inu are funded by network fees on Shibarium. Shibarium has seen a significant increase in transaction count recently and is approaching a milestone of 180 million transactions. It could potentially reach 200 million transactions by the end of the year.
Hot Take: Shiba Inu Continues to Burn SHIB Tokens to Decrease Supply
The Shiba Inu team has been actively burning SHIB tokens, with the latest burn totaling over 8 billion tokens. While this may seem like a small amount compared to the circulating supply, the team’s consistent burns are aimed at gradually decreasing the total supply and increasing the value of SHIB for holders. The recent burn caused a short rally in the price, but it has since corrected. With Shibarium experiencing a surge in transaction count, the future looks promising for Shiba Inu as they continue their efforts to decrease supply and enhance the token’s scarcity.
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