In the third SHIB burn event, Shiba Inu has successfully incinerated more than 8.5 billion SHIB. On-chain data reveals that the transaction occurred precisely at 00:30:59 am on December 22. This recent burn brings the cumulative total of tokens eliminated by Shiba Inu to approximately 25.38 billion.
Shiba Inu, a prominent meme coin project, has executed a burn of more than 8.5 billion SHIB, the native cryptocurrency of the platform. According to a recent update on X (formerly Twitter), Shibburn, a social media figure monitoring the SHIB burning process, reported that the project’s team transferred the tokens to a designated dead wallet.
In the most recent burn event, a total of 8,533,564,693 SHIB tokens were incinerated, as reported by Lucie, a content marketing specialist within the Shiba Inu ecosystem.
According to on-chain data, the transaction occurred precisely at 00:30:59 am UTC today. Lucie further noted in her post on X that this specific burn event marks the third occasion in which Shiba Inu has incinerated a substantial quantity of SHIB tokens, utilizing a portion of Shibarium fees.
The inaugural SHIB burn occurred on December 4, as the Shiba Inu project team transferred 8.24 billion SHIB tokens to a designated dead wallet. The second token burn exercise by Shiba Inu took place on December 16, with the team incinerating an additional 8.61 billion SHIB tokens during this event.
8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs
— Vet KUSAMA ™ (@vetkusama) December 4, 2023
8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs
— Vet KUSAMA ™ (@vetkusama) December 4, 2023
In just 18 days, the recent SHIB burn exercise has elevated the total burned tokens by Shiba Inu to approximately 25.38 billion—a volume deemed significant by numerous members of the Shiba Inu community. This surge in burned tokens is attributed to the increased transaction activity on the Shibarium network.
At the time of writing, the daily transactions on the Shibarium network stood at 5.53 million. Although this figure has slightly decreased from the all-time high of 7.89 million recorded on December 8, it remains a substantial and noteworthy level of activity.
The SHIB burn conducted today had a marginal effect on the meme coin’s price. SHIB maintained its support level around $0.00001 without displaying significant volatility. As of the current time, it is trading at $0.00001042, based on data from TradingView.
