Upcoming Massive SHIB Token Reduction Confirmed

The Shiba Inu cryptocurrency development team has announced plans for a substantial reduction in the number of SHIB tokens in circulation.

According to a recent report from Lucie, a marketing specialist at Shiba Inu, 40 Ethereum (ETH) has been collected, which will soon be used for

The value of 40 ETH is currently approximately $155,720 with the price of one ETH set at $3,893.

Possible Link to Shibarium

While Lucie did not provide details about the planned reductions, they will likely be part of the existing efforts of Shibarium, a platform for burning SHIB tokens, which began eliminating tokens from the system using a portion of network fees starting in December 2023. So far, 43 billion SHIB tokens have been burned this way.

The last burning session took place on January 9th, removing 9.35 billion SHIB from circulation. It was also announced that nearly 200 ETH was burned via this process.

However, no further burning has occurred within Shibarium since the last burning session, despite a significant increase in network transactions. The community speculates that the Shiba Inu team may be awaiting the introduction of a special Shibarium burning portal, which is currently in intensive testing.

It is assumed that the system will allow for automatic burning of SHIB whenever an amount of $25,000 worth of SHIB is accumulated in the Shibarium system.

Potential Impact on SHIB Count

Considering Lucie mentioned the gathering of 40 ETH for SHIB burning purposes, here is the estimated number of SHIB that could be destroyed if the team were to burn immediately.

With the price of ETH at $3,893, the value of 40 ETH amounts to $155,720. Given that Shiba Inu is currently trading at $0.00003356, up to 4.64 billion SHIB could be removed from circulation.

Although this number may seem small compared to the total available supply of 589.29 trillion tokens, these burning actions could contribute to maintaining and strengthening the current growth trend of Shiba Inu and bring some level of deflation during times of increased demand for tokens.

At the time of writing, SHIB has recorded a 10.25% increase in the last 24 hours, reaching a value of $0.00003356. The token has also seen a 160.64% increase in weekly comparison and a 275% increase over the past month.

$SHIB

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