The Shiba Inu () community has burned over 12 million tokens, taking the burn rate to 300%. The burn occurred on January 2, 2024, as the community anticipates a new NFT project. Rival memecoin, FLOKI also saw a surge in single-day token burns.
Through the burn, the community took 12,435,582 SHIB tokens out of circulation. The transaction reduced the number of SHIB in circulation to about 581 trillion.
What the Latest SHIB Burn Means
According to Etherscan, the burn sent the tokens to a burn address. The address is one of three the community uses to take tokens out of circulation. The burn leaves around half of the token’s one quadrillion supply available.
The project relies on burns to boost investor value and control inflation. Ethereum co-founder Vitalik Buterin burned 90% of the tokens developers sent him after launching SHIB. Following Buterin’s burn of roughly 405 trillion tokens, SHIB’s price increased by 40%.
The community recently announced several upgrades to boost adoption. It has partnered with D3 Global to create SHIB name tokens to form the basis for a new decentralized identity. The project could allow holders to own a website and email address ending in “.shib.”
A novel non-fungible token (NFT) project could also boost adoption. The project will allow users to mint NFTs from physical items.
A user can send the SHIB community a two-dimensional drawing of a physical item to participate. Their item will be manufactured in three dimensions if it meets certain eligibility criteria. The buyer can add the product to the metaverse by scanning an embedded electronic device.
SHIB developers rolled out the Shibarium metaverse in 2023 amid some controversy. Despite this, the SHIB token recorded a higher annual trading volume than Ripple (XRP), Polygon (), and Ethereum (ETH) during the year.
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