Shiba Inu Team Incinerates $476K: Torches 43 Billion SHIB in 5 Weeks

• The Shiba Inu team has incinerated over $476K worth of SHIB tokens in five weeks. 
• Yesterday, the team burned over 9 billion SHIB tokens valued at over $89K.
• SHIB’s price rose following the latest burn before succumbing to bearish pressure in the market.

In a recent development, the team behind the popular meme coin Shiba Inu announced they have burned over 200 ETH worth of tokens in just about a month. 

The incinerated tokens, worth around $476,000 at current market prices, follow weeks of consistent efforts from the team and community members. Importantly, expectations are that the token burns will help constrict SHIB supply and drive up its value. 

The announcement from the Shiba Inu team comes amidst a significant uptick in the token’s burn rate. At the time of press, data from SHIB burn tracker Shibburn indicates that the burn rate is up 27510% in the past 24 hours. 

Explaining the spike, Shiba Inu’s content marketer Lucie posted a receipt on X, which showed the incineration of 9,351,444,446 SHIB tokens. The massive burn marks the first instance of SHIB incineration by the meme coin’s team this year.  

Details from Etherscan …

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