33.6 Billion SHIB Destroyed by Shiba Inu Team and Shytoshi Kusama: Details

The official marketing manager of the Shiba Inu team, who prefers to call herself Lucie on social media, has taken to the Twitter/X network to spread the word about the fourth consecutive SHIB burn that was performed by the SHIB team.

Again, this time, they transferred an enormous amount of meme coins out of circulation.

Fourth massive SHIB burn announced

Lucie announced that another chunk of Shiba Inu meme coins has been transferred to unspendable wallets this month — 8,471,583,707 SHIB evaluated at $90,857.

This is the fourth hunk of SHIB transferred out of the circulating supply, and the third one performed this month. According to data provided by the Shibburn tracker, so far in December a total of 25,724,850,362 SHIB have been destroyed, with the burn rate jumping by a staggering 13,983.12% over the past week.

Overall, within the four burns, the Shiba Inu team has eliminated approximately 33.6 billion Shiba Inu worth $363,600.

Token burns are a strategy undertaken in an attempt to reduce the circulating supply of a cryptocurrency by locking it away in unspendable blockchain addresses. The aforementioned tremendous burns made by the SHIB team are made using funds earned on transaction fees on the Layer-2 Shibarium blockchain. Gas fees are charged in BONE, and then part of each fee is set aside. Some of it gets put away for the needs of the team, and the other part gets converted into SHIB and then transferred to dead-end addresses.

Last weekend, Shytoshi Kusama took to X to announce that in order to achieve any significant price impact from burns, Shiba Inu and Shibarium must get away from memes and get global adoption and utility. The more investors, developers, users are using Shibarium, the more fees there are, he assumes, therefore, more SHIB burns can be made.

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At the time of this writing, the overall number of transactions is approaching the 170-million milestone, so far sitting at 169,578,038.