Shiba Inu, the second-largest dog-themed digital token, is beginning to make a needed comeback. The comeback is not only seen in its price growth but also its quest for scarcity via SHIB burning.
In the latest twist of this burning saga, the Shiba Inu team has incinerated a staggering 8.53 billion SHIB tokens, adding more fuel to the fire that has already consumed over 25 billion tokens in just 18 days.
🔥🔥🔥 8,533,564,693 $SHIB -> transferred to dead wallet. https://t.co/mrfTvwWha3
— Shibburn (@shibburn) December 22, 2023
Read Also: Shibarium Burns Billions of Shiba Inu (SHIB) Despite Inaccessible Supply. Here’s how
From BONE Gas to SHIB Ashes
This isn’t just a symbolic gesture, it’s a calculated inferno fueled by Shibarium, the Shiba Inu layer-2 solution. A portion of the gas fees generated on Shibarium is automatically sent to the “dead wallet,” effectively removing them from circulation forever.
This clever mechanism transforms each transaction on Shibarium into SHIB burns for scarcity, gradually increasing the value of each remaining SHIB token.
3rd $SHIB burn 🔥
8,533,564,693.01046744493064192
($90,285.11) pic.twitter.com/jlq1AsVZmP— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
The Shiba Inu (SHIB) Burn Cycle Accelerates
This is not the first time the Shiba Inu team has wielded the torch. Since the launch of the Shibarium burn program on December 4th, more than 25 billion SHIB tokens have been incinerated, marking a complete turnaround from the previous issue of oversupply. With daily burns consistently surpassing 5 billion tokens, the flames show no signs of diminishing.
This burning frenzy is not happening in isolation. Shibarium itself is experiencing a significant surge, processing over 160 million transactions in just four months. This surge in activity translates into higher gas fees, which in turn fuel the burning process, creating a virtuous cycle of token destruction and transaction volume.
Price Caught in the Crossfire
This scorching strategy goes beyond reducing supply, it is also impacting the price of SHIB. With over 410 trillion SHIB tokens already gone, including the massive burn initiated by Ethereum co-founder Vitalik Buterin, Shiba Inu (SHIB) is becoming increasingly scarce.
This scarcity, combined with the growing excitement around Shibarium, has propelled SHIB’s price increase, surging over 30% in the past month, leaving investors feeling optimistic and skeptics cautiously intrigued.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Here’s When Shiba Inu (SHIB) Price Is Projected To Surpass $0.07
The Shiba Inu team is taking bold steps, employing the powerful combination of token burning and blockchain innovation.
Latest developments show that Shiba Inu is a project that actively shapes its future, driven by strategic token burning, a dedicated blockchain platform, and a community hungry for the rewards of scarcity.
The embers of Shiba Inu’s revival are burning brighter than ever, and only time will reveal if they ignite into a full-fledged blaze or fade away like forgotten trends.
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