Shiba Inu, the popular cryptocurrency, has made headlines once again with a massive burn of its ecosystem tokens. The Shiba Inu team recently announced that they have burned a staggering amount of tokens, including 13.4 billion SHIB, 19.5K BONE, and 28.7 LEASH.
This unexpected move shocked the SHIB community, as the team destroyed tokens worth $485,000 in total. The burn consisted of two transactions, with 9.64 billion SHIB tokens burned in the first transaction and 3.81 billion SHIB in the second. Interestingly, this burn occurred shortly after Lucie, the marketing lead for Shiba Inu, revealed that 40 ETH would be used for a massive SHIB burn. In the end, the team burned even more tokens, totaling $340,000 worth of SHIB.
Lucie credited the Shiba Inu developers for the successful burn but acknowledged the crucial support of Shibarium builders and users. She expressed gratitude to the community and encouraged them to continue using Shibarium to burn more SHIB tokens.
This latest burn marks the sixth Shibarium-powered burn and adds to the impressive total of tokens removed from circulation. Through previous burns funded by Shibarium gas fees, the team has already burned 56 billion SHIB tokens between December and January.
In addition to SHIB, the team also burned other ecosystem tokens, namely BONE and LEASH. A total of 19.5K BONE worth $23,668 and 28.7 LEASH worth $21,886 were destroyed in the latest burn campaign. The source of funds for burning BONE and LEASH is currently unclear, whether they were from Shibarium fees or proceeds from the sale of SHEboshi.
It’s worth mentioning that the Shiba Inu team had previously announced that a portion of SHEboshi proceeds would be used to burn ecosystem tokens. Now, with the latest burn of SHIB, LEASH, and BONE, the team continues to demonstrate their commitment to reducing token supply and enhancing the value of the Shiba Inu ecosystem.