An enormous transaction that burnt 1.1 billion Shiba Inu tokens occurred on Easter Sunday.
The development is the biggest burn of the year, with 1.5 million SHIB generally taken out of daily circulation.
The last time 1 billion tokens were taken out of circulation was in January 2023, when 1,124,579,958 were sent to the dead wallet.
Despite appearing large, the 1.1 billion figure represents merely 0.00001% of the total supply that is in circulation.
There are almost 589 trillion Shiba Inu in circulation, and it will take an enormous effort to get rid of 90% of them in the upcoming years.
The mountain of tokens in the markets is much larger than the 1.1 billion burned.
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What Does This Mean For Shiba Inu?
Burns of 1.1 billion on Sunday and 1.1 billion in January had little to no impact on the price scaling up in the indices.
After being taken out of circulation on Sunday, the token trades horizontally with no upward movement in price.
However, there may be a possibility of SHIB’s supply decreasing over time if it can burn 1 billion tokens every day.
Only until Shibarium’s burn mechanism is completely operational might that happen.
It is also based on how many transactions users start on Shibarium daily.
Sending 1 billion tokens daily to the dead wallet is an impossibly distant goal. Currently, no other third-party burns can burn 1 billion SHIB tokens every day.
Shiba Inu’s current live price is $0.000011, and its 24-hour trading volume is $122,569,508. Shiba Inu has increased by 0.77% during the past 24 hours.
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