Shiba Inu’s Official Marketing Manager, also known as Lucie on social media, has moved to Twitter/X network to spread the word about the 4th consecutive SHIB burn conducted by the SHIB team. Once again, this time they transferred a massive amount of meme coins out of circulation.
Announcing the Massive 4th SHIB Burn
Lucie announced that another portion of Shiba Inu meme coins has been transferred to non-spendable wallets this month – 8,471,583,707 SHIB valued at $90,857. With this being the 4th piece of SHIB being moved out of circulation and the 3rd one conducted this month, data from Shibburn tracker shows a total destruction of 25,724,850,362 SHIB in December, with a staggering burn rate increase of 13,983.12% over the past week.
Overall, within the four burns, the Shiba Inu team got rid of approximately 33.6 billion Shiba Inu valued at $363,600.
Token burning is a strategy implemented in an attempt to reduce the circulating supply of a cryptocurrency by locking it in non-spendable blockchain addresses.
The aforementioned massive burns conducted by the SHIB team were funded using the transaction fees collected on the Shibarium Layer-2 blockchain. The gas fees are substantial, and a portion of each fee is set aside. Some of it is stored to meet the team’s needs, while the rest is converted into SHIB and then transferred to locked addresses to achieve global recognition and utility.
Shiba Inu and Shibarium Should Distance Themselves from Memes
It is assumed that as the number of investors, developers, and users using Shibarium increases, fees increase, and therefore more SHIB burns can be conducted.
Last week, Shitoshi Kusama took to X to announce that in order to have any significant price impact from burns, Shibarium is aiming to achieve another remarkable milestone.
In the past two weeks, the Shibarium network has witnessed more than double its transaction count, jumping from 60 million to 150 million transfers, with tens of millions of transactions being verified on a daily basis.
At the time of writing, the total transaction count is approaching 170 million, reaching 169,578,038 so far.
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