The Shiba Inu development team recently executed its fifth SHIB burn, incinerating a substantial 9.35 billion SHIB tokens in response to the coin’s surge.
Key Takeaways
- Shiba Inu’s development team executes the fifth SHIB burn, incinerating a record 9.35 billion tokens.
- The burn is in response to SHIB’s surge, leading to a price above $0.00001 and the removal of a zero.
- Lucie, the ecosystem’s marketing specialist, unveils the burn via a single transaction on January 9, 2024.
- Shibarium, the layer-2 network scaling solution, facilitates the burn, eliminating a total of 43 billion SHIB tokens within a month.
Shiba Inu Deletes a Zero
In a testament to its commitment to the SHIB burn project, the Shiba Inu development team recently executed its fifth burn initiative. The move comes as the SHIB price surged, surpassing $0.00001 and prompting the deletion of a zero.
Lucie, the marketing specialist for the Shiba Inu ecosystem, took to X to unveil the latest burn, conducted through a single transaction on January 9, 2024, at 8:29:35 PM (+UTC). This burn marks a significant milestone, with a whopping 9.35 billion Shiba Inu tokens incinerated.
The burn, facilitated by Shibarium, the layer-2 network scaling solution, stands as the largest to date, costing approximately $93,075.43 according to data from Etherscan.
Read More: Shiba Inu Price Forecast for January 2024, What to Expect?
Shibarium’s Impact and Total Expenditure
The Shibarium-powered burn projects have collectively eliminated an impressive 43 billion SHIB tokens within a month. This underscores the efficacy of the Layer-2 scaling solution in significantly reducing SHIB’s overall supply.
According to recent tweets, the meme coin platform spent approximately 200 ETH, equivalent to $516,000 at current prices, emphasizing the substantial commitment to these strategic token-burning endeavors.
To Conclude
Shiba Inu’s latest record-breaking burn, fueled by the surge in SHIB’s price, not only marks a substantial milestone in reducing the token’s supply but also highlights the effectiveness of Shibarium as a layer-2 scaling solution.
The significant expenditure by Shiba Inu further underscores the dedication of the development team to the long-term sustainability and enhancement of the Shiba Inu ecosystem.
