KEY POINTS
- A total of 8,615,169,427.75 SHIB tokens equivalent to around $90,459.28 were removed from the circulating supply in six transactions over the weekend
- SHIB then broke through the $0.000011 price level with its price trading in the green zone at $0.0001143, recording a 4.37% gain
- SHIB was trading in the green zone at $0.00001046 as of 3:34 p.m. ET on Sunday
After Shiba Ecosystem developers burned billions of SHIB earlier this month, the team has once again destroyed billions more tokens, triggering a 799,000% spike in the number of Shiba Inu sent to inactive crypto wallets.
Shiba burns have been a hotly debated topic among the Shib Army, as many believe it can help push the value of the SHIB upward.
A total of 8,615,169,427.75 SHIB tokens equivalent to around $90,459.28 were removed from circulation in six transactions over the weekend, contributing to the 8,655,012,764 SHIB tokens destroyed over the past seven days.
Second burn just occurred. 🔥 More to follow.
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 16, 2023
🔥❤️🔥 $SHIB burn 🔥
8,615,169,427.76 SHIB ($89,597.76) pic.twitter.com/mVw3uxrCoQ
SHIB then broke through the $0.000011 price level with its price trading in the green zone at $0.0001143, recording a 4.37% gain.
The latest burning activity by the Shiba Ecosystem development team could be the major factor behind the spike in the price of SHIB as it attracted positive sentiment from the community.
"FUD comes and goes, but what's crucial is to follow your own DYOR (Do Your Own Research). Always rely on your own findings and analysis for informed decision-making in the crypto space," Shiba Ecosystem and Shibarium Tech marketing specialist Lucie told International Business Times when asked for comments on the ginormous burn by the Shiba Ecosystem development team over the weekend.
It appears to be just one of the many series of SHIB token burning the developers have been planning, which is dependent on the Shibarium network usage.
A new era of Shiba burning is also on the horizon, as the developer, who uses the handle @kaaldhairya on X, announced that Shibarium will implement a new Shib burning system that will take effect in January.
"Shibarium is introducing a transformative token-burning mechanism, crucial for the network's economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token's value and benefiting its ecosystem," the developer said in a blog post.
SHIB was trading in the green zone at $0.00001046 as of 3:34 p.m. ET on Sunday with a 24-hour volume up by 212.14% at $832.15 million.
Shiba Inu's latest price action represents a 0.05% gain in the past 24 hours and a 1.90% gain over the last seven days.
Data from CoinMarketCap showed that Shiba Inu's circulating supply stands at 589.32 trillion SHIB with a market cap of $6,174,138,729.
