The team behind one of the leading meme cryptocurrencies, Shiba Inu, has conducted a burning of over 8.5 billion SHIB tokens. The Shibburn account on the social media platform X reported that the tokens were transferred to a dead wallet.
According to Lucy, a content marketing specialist within the Shiba Inu ecosystem, the exact amount of burned tokens totaled 8,533,564,693 SHIB.
Lucy also mentioned that this marks the third instance of a substantial burning of meme coins using a portion of Shibarium transaction fees.
The first-ever burning of SHIB occurred on December 4th, when the Shiba Inu project team sent 8.24 billion SHIB tokens to a dead wallet. The second burning took place on December 16th, removing an additional 8.61 billion SHIB from circulation.
Following the latest SHIB burning, the total amount of burned tokens reached approximately 25.38 billion in just 18 days.
The significant destruction of SHIB tokens on December 22nd had minimal impact on the meme coin’s price. Alongside the overall cryptocurrency market, driven by Bitcoin, SHIB gained 3.5% in a day, mirroring the movement of many other altcoins.
