Shiba Inu Cremation Event is Coming: At Least 4.41 Billion!

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Shiba Inu, one of the glamorous rising stars of the cryptocurrency world, has recently been on the agenda with a remarkable community activity. Described as the second largest meme coin, Shiba Inu has gained great momentum with recent token burning initiatives and community activities.

The Shiba Inu community emphasizes the importance of reducing the circulating supply of SHIB by focusing on the token burning process in order to increase the long-term health and value of the project. This approach is a strategy adopted by many projects in the cryptocurrency world and aims to encourage investors by generally leading to an increase in the token value.

Recent announcements show that the Shiba Inu team is committed to taking significant steps towards this goal. The team, led by marketing expert Lucie, has announced to the community a major initiative regarding the burning of SHIB tokens. announced. Under this initiative, 40 Ethereum (ETH) was collected.

Although Lucie did not provide details about her upcoming burn plans, this move is expected to be part of Shibarium-assisted burns.

Since December 2023, the Shibarium team has destroyed a significant amount of SHIB using a portion of the network’s gas fees. A total of 43 billion SHIB has been eliminated through five different burning processes carried out so far. The last one took place on January 9 and resulted in the destruction of 9.35 billion SHIBs in circulation.

Shiba Inu’s official X/Twitter account also confirmed that the Shibarium team destroyed SHIB tokens using almost 200 ETH. However, since the fifth burn, it is known that the network has experienced an increase in the total number of transactions, although no Shibarium-supported burns have occurred.

The community anticipates that the Shiba Inu ecosystem team expects to develop the Shibarium burning portal, which is still undergoing rigorous testing. The protocol is expected to automatically destroy SHIB tokens when Shibarium meets certain conditions – for example, when the protocol accumulates $25,000 worth of BONE.

Here is the Number of SHIBs That Can Be Burned

While Lucie announced that 40 ETH was collected to burn SHIB, the number of SHIB that would be burned if the team started the burning process immediately was a matter of curiosity. One ETH trading at $3,947 would increase the value of 40 ETH to $155,880.

However, Shiba Inu is currently trading at $0.00003529 as of the time the news was published. According to these estimates, if the team decides to burn SHIB along with all 40 ETH currently, a total of 4,417,115,330 (4.41 billion) tokens will be removed from its circulating supply.

While this value is small compared to the massive supply of 589.29 trillion tokens in circulation, burn events like this could help support Shiba Inu’s ongoing uptrend and cause mild deflation amid rising demand.

You can follow the current price movement here.


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