Shiba Inu, one of the leading meme coin projects, has burned over 8.5 billion SHIB, the platform’s native cryptocurrency. In a recent post on X (formerly Twitter), Shibburn, a social media personality who tracks the SHIB burning process, said the team transferred the tokens to a dead wallet.
Shiba Inu Transfers
The exact number of burned SHIB tokens in the latest exercise is 8,533,564,693 SHIB, according to Lucie, a content marketing specialist of the Shiba Inu ecosystem.
On-chain data shows the transaction happened at exactly 00:30:59 am UTC today. Lucie also mentioned in her post on X that this particular exercise represents the third time Shiba Inu has burned a significantly high amount of SHIB tokens using a portion of Shibarium fees.
The first-ever SHIB burn happened on December 4, when the team behind the Shiba Inu project sent 8.24 billion SHIB tokens to a dead wallet. The second token burn exercise by Shiba Inu was on December 16, and the team burned another 8.61 SHIB tokens during the exercise.
The latest SHIB burn exercise brings the total burned tokens by Shiba Inu to approximately 25.38 billion in 18 days. A volume that several members of the Shiba Inu community consider to be high, resulting from the spike in the number of transactions on the Shibarium network.
As of the time of writing, the number of daily transactions on the Shibarium network was 5.53 million. That is still a significant figure despite falling below the all-time high value of 7.89 million, recorded on December 8.
Today’s SHIB burn had a minimal impact on the price of the meme coin. SHIB held its support around $0.00001 but did not reflect notable volatility. It traded for $0.00001042 at the time of writing, according to data from TradingView.
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