May 29, 2024
Shiba Inu's $476K Burn: Eradicating 9.35B SHIB Tokens
Altcoins News

Shiba Inu’s $476K Burn: Eradicating 9.35B SHIB Tokens

The Shiba Inu team has executed their inaugural burn for 2024, eliminating over 9 billion SHIB tokens at a cost of approximately $476,000. In adhering to their commitment, the development team consistently engages in token incineration, effectively reducing the circulating supply of SHIB.

The recent burn, which took place on January 9 at 08:29 PM (+UTC), saw the Shiba Inu crew eradicate 9.351 billion SHIB tokens, marking the fifth Shibarium-powered burn. According to transaction details on Etherscan, the burnt tokens held a monetary value of $89,867.38. The team carried out the burn through a single transaction, transferring the tokens to the designated dead wallet.

This fifth SHIB burn, fueled by gas fees from Shibarium, exceeded the previous month’s inaugural burn by over a billion units. The team had eradicated 8.24 billion SHIB on December 4, followed by three subsequent burns in December 2023, each involving approximately 8 billion units.

The total tally of burned SHIB tokens now surpasses 43 billion, with the development team utilizing funds from Shibarium gas fees. The official Shiba Inu X account emphasized the financial impact of the burns, noting that almost $476,000 has been expended in just one month, considering the price of 200 Ethereum.

Image by pixabay

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