The Shiba Inu ecosystem team has confirmed plans to initiate a massive SHIB burn soon.
The team made this known through a post shared today by Shiba Inu’s marketing expert, Lucie. She said the team had collected 40 Ethereum (ETH) to incinerate SHIB tokens in the coming days.
At the time of writing, the 40 ETH are valued at around $155,720, with a unit of ETH priced at $3,893.
🔥 $SHIB burns incoming!
40 ETH collected for the burn. Stay tuned! 👀
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 8, 2024
Another Shibarium-Powered Burn?
Although Lucie did not provide sufficient details about the upcoming burns, it is expected that the move could be part of the ongoing Shibarium-powered burns.
Recall that the Shibarium team has been incinerating massive amounts of SHIB since December 2023 using a portion of the network’s gas fees. So far, the team has initiated five burns, incinerating 43 billion SHIB tokens in the process.
The last and fifth burn happened on January 9, when 9.35 billion SHIBs were removed from circulation. Shiba Inu’s official X handle also confirmed that the Shibarium team had burned SHIB using almost 200 ETH.
However, the team has not executed any Shibarium-powered burn since the fifth burn despite the network recording a spike in total transactions. The community speculated that the Shiba Inu ecosystem team could be waiting to deploy the Shibarium burn portal, which is still undergoing rigorous testing.
The protocol is expected to burn SHIB automatically when Shibarium fulfills certain conditions, like once the protocol accumulates $25,000 worth of BONE.
Here’s the Number of SHIB That Could Be Incinerated
With Lucie disclosing that 40 ETH has been collected to burn SHIB, here is the number of SHIB that will be incinerated if the team initiates the burn right now.
A unit of ETH was changing hands at $3,893, bringing the value of the 40 ETH to $155,720. However, Shiba Inu currently trades at $0.00003356 as of press time.
Based on these estimates, if the team decides to burn SHIB with all 40 ETH right now, a total of 4,640,047,675 (4.64 billion) tokens will be removed from Shiba Inu’s circulating supply.
Although the figure is small compared to the massive circulating supply of 589.29 trillion tokens, burns like this could help bolster Shiba Inu’s ongoing uptrend, introducing a mild deflation amid the increased demand.
At press time, SHIB has rallied 10.25% over the past 24 hours to $0.00003356. The token is also up 160.64% in the weekly charts and 275% over the past 30 days.