The Shiba Inu development team has announced a historic burn plan to incinerate 9.25 trillion SHIB coins. This move aims to significantly reduce the circulating supply of the popular meme coin ahead of an expected bull season, potentially triggering an upward price trajectory for the cryptocurrency.
Following the introduction of Shibarium, the team previously removed over 36 billion SHIB from circulation through transaction fees. The upcoming burn, however, will dwarf previous efforts by converting $1 million worth of BONE tokens into an equivalent of over 101 trillion SHIB.
The Shiba Inu team is also working on automating the burn process, which is expected to be operational as of January. This new system is anticipated to increase the frequency and volume of burns, signaling the start of a new era for SHIB.
Furthermore, the Shiba Inu team is transitioning Puppynet from Ethereum‘s Goerli network to Sepolia, which could lead to further advancements in the platform’s infrastructure.
The developer’s decision has been met with enthusiasm from the SHIB community. Many are curious about the impact of such a significant burn on the coin’s future and how the reduction in supply will affect its price. Despite a 1% drop in Shiba Inu’s price to $0.000008929, there has been a 62% increase in 24-hour trading volume, reaching $176 million. SHIB continues to trade at 0.0002669 TL, indicating a 7% decrease over the past 24 hours.