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HomeCrypto NewsMarketShiba Inu Burns Heat Up As Shib Ongoing Burn Strategy Wipes Out 9.35 Billion SHIB

Shiba Inu Burns Heat Up As Shib Ongoing Burn Strategy Wipes Out 9.35 Billion SHIB

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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). 

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Shiba Inu’s content marketer Lucie called attention to this development in a recent statement on X.

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.

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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.

In other words, the Shiba Inu has expended nearly $476,000 to burn SHIB tokens, considering the price of 200 Ethereum.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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