Lucie, the vocal marketing specialist for the Shiba Inu ecosystem, has shared an exciting update that could lead to significant SHIB burns. She revealed plans with Shibacals, a project dedicated to using blockchain to authenticate physical collectibles. Although Lucie did not provide detailed insights about the collaboration, she encouraged the Shiba Inu community to prepare for a major SHIB burn.
Expectedly, the statement generated positive enthusiasm among community members. They eagerly asked if the project would incinerate millions or trillions of SHIB tokens. Additionally, many expressed their anticipation for the upcoming SHIB burn.
More SHIB To Go Up in Flames
This forthcoming burn would further reduce Shiba Inu’s substantial supply of 589.27 trillion tokens, potentially increasing the value of the remaining ones. The community has been persistent in reducing SHIB’s supply through burns. The Shiba Inu ecosystem team also participates in the burn campaign, using a portion of Shibarium gas fees to incinerate SHIB. In March, the team conducted its sixth Shibarium-powered burn, destroying 13.4 billion SHIB in two transactions. This brought the total Shibarium-powered burns to 56 billion SHIB.
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While the team has paused Shibarium-powered burns due to low transaction volume and the ongoing development of a burn portal, the community has taken the lead in removing SHIB from circulation. In June alone, the community burned 918.07 million tokens. July began positively as well, with an unknown user sending over 290 million SHIB to the dead wallet.
Decline In Burn Rate
Currently, the cryptocurrency’s burn rate has decreased by 99.93% over the past 24 hours, with only 203,721 SHIB incinerated. However, with Lucie and Shibacals “cooking something special” to burn SHIB, it is only a matter of time before more tokens are permanently removed from circulation.
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Meanwhile, SHIB is trading at $0.00001711, reflecting a 0.59% decline over the past 24 hours. The token’s 24-hour trading volume has also decreased by 7.59%, totaling $167.13 million at press time.
The Shiba Inu team and community are committed to reducing the supply of SHIB tokens. The collaboration between Lucie and Shibacals promises to further this effort, generating excitement and anticipation among community members.
