In a significant move for the Shiba Inu ecosystem, the SHIB Dream NFT has recently executed a substantial token burn, eliminating nearly 550 million Shiba Inu tokens from circulation within the last 14 days. This impressive feat represents the most substantial token burn witnessed in November and has been spearheaded by third-party SHIB Dream NFTs.
Shibarium’s Active Token Burn Initiatives
The SHIB Dream NFTs operate seamlessly on Shibarium, a prominent layer-2 solution that offers diverse use cases to network users. A representative from the Shiba Inu team has enthusiastically endorsed this token burn initiative, highlighting its role in reducing the supply of SHIB tokens.
Throughout the year, several third-party applications and projects have actively participated in regular SHIB token burns on the Shibarium L2 network. This strategy not only sustains Shibarium’s network vitality but also allows it to accumulate transaction fees and actively engage in token burn initiatives.
While third-party initiatives have been thriving in burning SHIB tokens, Shibarium itself has yet to execute a similar token burn strategy. Shibarium, launched in August this year, promised to incorporate an in-built burn mechanism; however, this feature remains dormant. The result is that SHIB tokens remain readily available in the market.
Implications for SHIB’s Price Potential
If Shibarium embarked on a proactive strategy to burn trillions of SHIB tokens annually, it could significantly impact Shiba Inu’s price sustainability. Achieving the milestone of $0.01 for SHIB hinges on Shibarium’s ability to reduce the circulating supply of SHIB tokens over time consistently. Without this ongoing burn, the dog-themed token may face increased challenges in reaching the one-cent milestone in the coming years.
At the time of writing, Shiba Inu was trading at $0.000008279, indicating a decline of more than 0.85% in the 24-hour day trade. Furthermore, SHIB has seen a substantial drop, down by close to 91% from its all-time high of $0.00008616, which it reached in October 2021.
Remarkably, it has been two years since SHIB last attained its all-time high, prompting the community to explore initiatives like the SHIB Dream NFT token burns as potential sources of price sustainability.