Shiba Inu Team Says It’s Cooking Something Special to Burn SHIB

Lucie, the outspoken marketing specialist for the Shiba Inu ecosystem, shares an exciting update that could lead to hefty SHIB burns. 

The marketing lead revealed that she is cooking something special with Shibacals, a project focused on leveraging blockchain to authenticate physical collectibles. 

Despite not providing insightful details about the collaboration, Lucie urged Shiba Inu community members to prepare for ‘some SHIB burn.’ 

Me & @shibacals are cooking up something special – get ready to see some $Shib burn! 🔥 #Shibarium #SHIBARMY

🐕

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) July 1, 2024

Community Reacts 

Expectedly, the statement elicited positive enthusiasm among community members who enquired whether the project would lead to the incineration of millions or trillions of SHIB tokens. 

Millions or trillions

— Ramkrishna Borse (@RamkrishnaBors7) July 1, 2024

Furthermore, other community members expressed anticipation for the upcoming SHIB burn. 

More SHIB to Go Up in Flames 

Notably, the upcoming burn would further reduce Shiba Inu’s hefty supply of 589.27 trillion, potentially boosting the value of the remaining ones. The community has been relentless in reducing SHIB’s supply via burns. 

Also, the Shiba Inu ecosystem team is involved in the burn campaign, incinerating SHIB using a portion of Shibarium gas fees. The team initiated its sixth Shibarium-powered burn in March, destroying 13.4 billion SHIB in two transactions. This brought the total Shibarium-powered burns to 56 billion SHIB. 

While the team has halted Shibarium-powered burns due to low transaction volume on Shibarium and the ongoing development of a burn portal, the community has taken the lead in removing some amounts of SHIB from circulation.  

The community burned 918.07 million tokens in June alone. July also started on a positive note for Shiba Inu burns, with an unknown user sending over 290 million SHIB to the dead wallet.  

SHIB Burn Rate Plunges Nearly 100% 

At press time, the cryptocurrency’s burn rate has decreased 99.93% over the past 24 hours, with only 203,721 SHIB incinerated.

With Lucie and Shibacals currently ‘cooking something special’ to burn SHIB, it is only a matter of time before more tokens are permanently removed from circulation. 

Meanwhile, SHIB is trading at $0.00001711, reflecting a decline of 0.59% over the past 24 hours. The token’s 24-hour trading volume is down 7.59% to $167.13 million at press time.