Shiba Inu Team’s Massive SHIB Burn

The Shiba Inu team has been on a burning spree, and they’re about to drop their biggest burn yet.

Burn Details

According to Shiba Inu’s market lead, LUCIE, the team has collected 40 ETH (worth around $157,000) to burn SHIB tokens. This would translate to approximately 4.6 billion SHIB tokens being sent to the burn address.

Impact on Circulating Supply

The current circulating supply of SHIB is 589 trillion tokens. The upcoming burn would eliminate around 0.0008% of that supply, making it one of the largest single burn events since Ethereum founder Vitalik Buterin’s massive burn in 2021.

Timeline and Expectations

LUCIE didn’t provide a specific timeline for the burn, but it’s likely to be carried out in a single transaction.

While the burn is encouraging, the SHIB burn rate needs to increase significantly to make a noticeable impact on the circulating supply. Currently, only a small fraction of the total supply has been burned.