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.
