The Shiba Inu development team has yet again demonstrated its commitment to ensuring that the SHIB burn project is sustained as the SHIB price recently deleted a zero to trade above $0.00001.
Lucie, the Shiba Inu ecosystem marketing specialist, recently took to X to unveil the first SHIB burn for 2024.
Lucie’s tweet revealed that a whopping 9,351,444,446 (9.351 billion) SHIB was incinerated via a single transaction that ensued on January 09, 2024, at 8:29:35 PM (+UTC).
Read Also: Shiba Inu Lead Dev Unveils Global Adoption Grand Plan For Bigger SHIB Burns
Shiba Inu’s latest burn escapades is the ecosystem’s fifth SHIB burn initiative from gas fees on Shibarium, the layer-2 network scaling solution.
Aside from being the Shiba Inu (SHIB) fifth burn project, data from Etherscan has revealed that the incinerated 9.351 billion SHIB tokens cost approximately $93,075.43 at the time of reporting.
In comparison with previous incinerations, Shiba Inu’s latest burn remains the largest pending when it pulls off another coins-burning project greater than 9.351B.
Shiba Inu’s first incineration initiative, which took place in early December, removed about 8.24 billion SHIB coins circulation. These tokens were worth about $75,412 based on the token’s price standings as of then.
The second, third, and fourth SHIB burn removed approximately 8 billion tokens each from the circulating supply. Intriguingly, aside from its latest burn adventure, which occurred in January, others happened in December 2023.
\Read Also: Shibarium-Powered SHIB Burn Encounters Delay. Here’s Detail From Shiba Inu Team
Evaluating the statistics from the five different burn projects described above, one could deduce that the gas fees obtained from the Shibarium have succeeded in eternally eliminating about 43 billion SHIB tokens within nearly a month interval.
The above calculations certainly explain how the Layer-2 scaling solution could become one of the Shiba Inu ecosystem’s most reliable technologies to help reduce SHIB’s massive supply pool.
Meanwhile, Shiba Inu, through its official X handle, also revealed its total expenditures for the five tokens incinerating projects.
According to one of its latest tweets, the meme coin platform’s X handle disclosed that Shiba Inu has spent approximately 200 ETH worth $516,000 at current prices.
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