Shiba Inu team eliminated over nine billion tokens in their inaugural burn of 2024, spending about $476,000 to burn SHIB so far.
The Shiba Inu development team has upheld their commitment by persistently carrying out regular token incineration, thereby diminishing the substantial circulating supply of SHIB.
In particular, Shiba Inu has seen the first SHIB burn for 2024 from its team. In the latest burn endeavor, the Shiba Inu crew wiped out 9,351,444,446 (9.351 billion) SHIB tokens. This transaction occurred on January 9 at 08.29 PM (+UTC).
Shiba Inu’s content marketer Lucie called attention to this development in a recent statement on X.
🔥NEW BURN 🔥 $SHIB pic.twitter.com/BvoK0yjmUh
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) January 9, 2024
5TH Shibarium-Powered Burn
According to Etherscan, the transaction details indicate that the incinerated SHIB tokens held a monetary value of $89,867.38. The Shiba Inu team conducted the burn through a singular transaction, transferring over nine billion tokens to the designated dead wallet.
Significantly, the incineration of 9.351 billion SHIB tokens represents the fifth instance of the Shiba Inu team burning SHIB tokens, utilizing gas fees gathered from the ecosystem’s blockchain, Shibarium.
Moreover, the quantity burned in this fifth SHIB burn surpasses the first burn executed by the team a month earlier by more than a billion units.
According to The Crypto Basic, the team eradicated 8.24 billion SHIB on December 4, compared to 9.35 billion this time.
Following the first Shibarium-powered SHIB burn, three subsequent burns took place in December 2023, each involving approximately eight billion units.
Shiba Inu Expended $476k to Burn SHIB
With the recent incineration of 9.351 billion Shiba Inu tokens, the development team has successfully removed over 43 billion SHIB tokens from circulation, utilizing funds from Shibarium gas fees.
While joyfully sharing news about the latest burn, the official Shiba Inu X account drew attention to the financial magnitude of the Shiba Inu tokens it has burned so far.
Shib says that almost 200 ETH worth has disappeared in just one month.
🔥 Is it getting hot in here? Oh wait, it’s just us burning some $Shib In just about a month, we’ve incinerated nearly 200 ETH worth.
TX details in the first comment below. pic.twitter.com/YVEzb7SEPJ
— Shib (@Shibtoken) January 9, 2024
In other words, the Shiba Inu has expended nearly $476,000 to burn SHIB tokens, considering the price of 200 Ethereum.
