The Shiba Inu ecosystem team has initiated another hefty burn, incinerating over 13,400,000,000 (13.4 billion) SHIB tokens, 19,561 (19.5K) BONE, and 28.75 LEASH tokens in four transactions.
Members of the SHIB community were stunned in the early hours of today after the Shiba Inu ecosystem team incinerated huge amounts of its ecosystem tokens.
13.4B SHIB Burned
In a startling development, the Shiba Inu ecosystem team incinerated over 13.4 billion SHIB tokens worth $485,000 at the time of writing this line.
The tokens were burned in two transactions, each consisting of 9.64 billion and 3.81 billion SHIB tokens, respectively. Interestingly, the burn occurred hours after Shiba Inu marketing lead Lucie disclosed that 40 ETH would be used to initiate a massive SHIB burn.
However, it turned out that the Shiba Inu ecosystem team later burned more SHIB tokens than expected. Commenting on the development, Lucie revealed that $340,000 worth of SHIB, equivalent to 80 ETH, was destroyed in the end.
In the end, approximately $340k worth of $SHIB, equivalent to 80 ETH, was burned.
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 9, 2024
In a follow-up X post, she attributed the latest SHIB burns to Shiba Inu developers. However, she emphasized that the team of developers for Shiba Inu would not have achieved the feat without the support of Shibarium builders and users, who have played significant roles in bolstering the L2 network’s adoption.
“This is a big shout out to you, #Shibarium users and builders—we bow to you for the support that is needed,” said Lucie.
Furthermore, she urged the community to use Shibarium to burn more SHIB tokens.
Sixth Shibarium-Powered Burn
Based on Lucie’s suggestion, it is evident that the latest burn marks the sixth Shibarium-powered burn.
Between December and January, the team burned 43 billion SHIB tokens using a portion of Shibarium gas fees. Following the latest burn, over 56 billion SHIB have been removed from circulation by utilizing funds obtained via Shibarium gas fees.
Team Burns BONE and LEASH Tokens
In addition, the team also burned other Shiba Inu ecosystem tokens like LEASH and BONE in its latest burn campaign. RagnarShib, an official admin of the Shibarium Telegram group, disclosed that 19,561 BONE ($23,668) and 28.75 LEASH ($21,886) were destroyed earlier today.
There were 4 transactions for burns in the dead wallet. 2 transactions for burning #Shib one transaction for burning #Leash and one more for burning #Bone pic.twitter.com/SU4YcfNXhy
— RagnarShib.eth (@RagnarShiba) March 9, 2024
At press time, it is unclear whether the BONE and LEASH tokens were burned using a part of Shibarium fees or proceeds from the sale of SHEboshi.
For context, the team disclosed in the 13th edition of Shib Magazine that it would use 10 out of 50% of SHEboshi proceeds to burn Shiba Inu ecosystem tokens (6% for SHIB, 1% for BONE, 1% for LEASH, 2% for TREAT and SHI). It bears mentioning that the latest burn of SHIB, LEASH, and BONE comes over a week after SHEboshi sold out in minutes.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
