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Shytoshi Kusama, the lead developer behind Shiba Inu, made an announcement on Saturday. Responding to increasing rumors on Twitter about a possible burn of Shiba Inu (SHIB) and Bone ShibaSwap’s (BONE) Shibarium-supported tokens, the Shiba Inu team confirmed that they have already carried out the burn. In the first burn, tokens worth $75,000 were removed from circulation.
Shiba Inu (SHIB) Comments and Burn
Shiba Inu’s Layer-2 scaling solution, Shibarium, successfully completed its first significant hard fork. Following the hard fork, several cryptocurrency token burning models have emerged.
Shytoshi Kusama responded to a community member’s query about whether SHIB and BONE tokens would be burned following the hard fork. Kusama confirmed that only SHIB tokens would be burned, stating, “No. Burn Shib. Period.”
On Shibarium, the accumulation of BONE for the SHIB burn continues. As of writing, the accumulated tokens have reached 1.35 million BONE, valued at over $1.2 million. The community is eagerly anticipating a significant SHIB burn, which is expected to drive up the prices of the Shiba Inu ecosystem tokens by reducing the circulating token supply.
On December 4, the SHIB team removed 8.24 billion SHIB tokens worth $75,000 as part of the Shibarium burn. Additionally, according to a statement by developer Kaal Dhairya, the team is working on a new burn mechanism, with plans to increase the burn capacity through the mechanism.
Will SHIB Price Rise?
The Shiba Inu burn mechanism aims to burn trillions of tokens and reach a SHIB price of $0.01. SHIB, BONE, LEASH hosted double-digit gains this week amid major burns and new developments.
The SHIB price has increased by 2% in the last 24 hours, trading at $0.00001027 as of writing. The lowest and highest prices of the memecoin in the last 24 hours were $0.0000099 and $0.0000104, respectively. Following the SHIB team’s announcement that only SHIB tokens would be burned, the prices of BONE and LEASH tokens dropped, trading at $0.89 and $348, respectively.
Disclaimer: The information in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry risk due to their high volatility and should conduct their transactions based on their own research.
