Crypto News

Shiba Inu Team Announces Potential 9.25 Trillion Token Burn

Shiba Inu team to burn 9.25 trillion SHIB, a strategic move to boost value and scarcity, integrating community in the ecosystem's growth.

Published by

Kelvin Munene Murithi

Published 06 Jan, 2024 | 09:57:12 PM UTC

Shiba Inu Team Announces Potential 9.25 Trillion Token Burn

The Shiba Inu development team has announced plans to burn 9.25 trillion SHIB coins this month. This initiative marks a significant shift in cryptocurrency’s strategy, aiming to dramatically reduce the circulating supply of the popular meme coin.

SHIB Token Burn

The decision to incinerate such a massive amount of SHIB follows a period of consistent, albeit smaller-scale, burns. In the preceding months, the team eliminated over 36 billion SHIB through transaction fees collected from Shibarium. This upcoming burn, however, is set to dwarf previous efforts stemming from the conversion of $1 million worth of BONE tokens into SHIB, which equates to over 101 trillion SHIB.

In addition to manual burns, the Shiba Inu team has been working towards automating the process. Starting this month, this new system is expected to significantly increase the frequency and volume of burns, marking the beginning of a new era for SHIB. Moreover, the team is also preparing for the transition of Puppynet from Ethereum’s Goerli network to Sepolia, signaling further advancements in the platform’s infrastructure.

Impact on the Shiba Inu Community

This move by the Shiba Inu developers has stirred the SHIB community, with many anticipating how this large-scale burn will affect the coin’s value and scarcity. The Shiba Inu marketing team, led by Lucie, has also been actively engaging with the community, revealing opportunities for SHIB and LEASH token earnings through the ShibaPunkz dApp. This initiative is seen as a way to further integrate the community into the ecosystem’s growth and development.

Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Published by

Kelvin Munene Murithi

Published 06 Jan, 2024 | 09:57:12 PM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.