Cryptocurrency Shiba Inu (SHIB), tokens worth approximately 13 million yen to be incinerated; automation planned for January

Token burn worth approximately 13 million yen

On the 10th, a large-scale token burn was carried out on the layer 2 network “Shibarium” that supports the ecosystem of the crypto asset (virtual currency) Shiba Inu (SHIB). In this burn, approximately 9.3 billion SHIB, equivalent to approximately 13 million Japanese yen, was disposed of in a single transaction.

9,351,444,446 $SHIB -> transferred to dead wallet. https://t.co/6YMhOeuIJn

— Shibburn (@shibburn) January 9, 2024

Shiba Inu token is one of the most popular cryptocurrencies on the market and is distributed on Ethereum. “Shibarium” was launched as Layer 2 of Ethereum in August 2023 with the purpose of building the Shiba Inu ecosystem and use cases.

Shibarium uses the native token “BONE”. BONE will be used to pay for gas within Shibarium and to reward validators and delegators. The biggest feature is that 70% of BONE collected from Shibarium’s on-chain transactions is used to buy back and burn SHIB. The remaining 30% will be used for network maintenance.

Burned tokens are sent to an unusable wallet and are never recovered. The purpose of this token burn is to reduce the circulating supply of SHIB and increase its scarcity, which may affect the price.

connection:What is Shiba Inu (SHIB) token? Explaining the meme token listed on domestic exchanges

History of SHIB Burn

According to the community-run site “SHIB BURN”, the current statistics of Shiba Inu tokens are as follows. In January, the SHIB team plans to implement an update that will move the burn process from manual to automated.

• Maximum total supply: approximately 999 trillion SHIB
• Total burn amount from initial supply: approximately 410 trillion SHIB
• Current maximum supply: approximately 589 trillion SHIB
• Current circulating supply: Approximately 581 trillion SHIB
• Staked tokens (xSHIB): approximately 8.2 trillion SHIB

In June 2021, Ethereum co-founder Vitalik Buterin burned about 90% of his SHIB holdings, worth $6.7 billion. As a result, over 410 trillion SHIB tokens were sent to invalid blockchain addresses and removed from circulation.

There are multiple burn addresses, but the one used by Buterin is said to be the main one. Source: Etherscan

Initially, the Shiba Inu project sent about 50% of its circulation to Mr. Buterin’s address. He exchanged about 10% of it for Ethereum and donated a total of 15,719 ETH, worth 7 billion yen, to charity along with other tokens.

connection:Shiba Inu (SHIB) | Investment information/real-time price chart

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