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Shiba Inu development team made a historic announcement. They announced the planned burning of 9.25 trillion SHIB coins. This decision aims to significantly reduce the circulating supply of the popular meme coin, potentially triggering an upward movement in its value before the anticipated bull season.
The Future of Shiba Coin
The team’s decision to burn a massive amount of SHIB comes after a consistent burning process, which may seem small in comparison to the past. Following the launch of Shibarium, the team has removed over 36 billion SHIB from circulation through transaction fees accumulated on Shibarium in recent months.
However, the expected burn operation seems set to surpass previous burn efforts that converted $1 million worth of BONE tokens into an equivalent of over 101 trillion SHIB.
The Shiba Inu team is also working to automate the manual burning process, which appears to be set to launch this January.
The anticipated increase in frequency and volume of burns due to this new system could mark the beginning of a new era for SHIB.
Moreover, the Shiba Inu team is planning another innovation. The team continues to work on transitioning Puppynet from Ethereum’s Goerli network to Sepolia, indicating further advancements in the platform’s infrastructure.
Comments on Shiba Inu
The decision taken by Shiba Inu developers has been met with excitement by the SHIB community. Many are curious about how such a large-scale burn will affect the coin’s future and how the reduction in supply will impact its price.
What makes the event even more notable is that it is expected to be larger than the 7 billion token burn conducted by Vitalik in the past, which significantly impacted the cryptocurrency’s price. Vitalik had burned approximately 7 billion SHIB, which was about 90% of the tokens sent to him.
Led by Lucie, the Shiba Inu marketing team is also sharing opportunities to earn SHIB and LEASH tokens through the ShibaPunkz dApp, while actively engaging with the community during this process.
This initiative by the team is seen as an important tool for encouraging the community to play a more active role and contribute to the ecosystem’s development.
As of the time of writing, Shiba Inu has fallen by 1% to a price of $0.000008929. Despite the price drop, there has been a 62% increase in 24-hour trading volume, rising to $176 million.
Investors trading the SHIB/TRY pair continue their transactions at the level of 0.0002669 TL. This price indicates a 7% decrease in the last 24 hours.
