The Shiba Inu coin burn schedule is a highly anticipated event that has been making waves in the cryptocurrency community. The schedule is designed to reduce the total supply of SHIB tokens, which in turn can help increase the value of the remaining coins.
The burn schedule is set to occur on a monthly basis, with the first burn taking place on July 4, 2021. This burn will see the destruction of 40% of the SHIB tokens held in the Ryoshi's Treasure chest, a wallet controlled by the Shiba Inu team.
The subsequent burns will occur on the 4th of each month, with the percentage of tokens destroyed increasing by 10% each time. This means that the next burn will see the destruction of 50% of the tokens held in the Ryoshi's Treasure chest, followed by 60%, and so on.
The Shiba Inu team has stated that the burn schedule will continue indefinitely, with the goal of reducing the total supply of SHIB tokens to zero.
Shiba Inu Coin Burn Schedule
The Shiba Inu coin burn schedule is not set in stone, and the burn rate varies depending on how many SHIB tokens get burned by the community.
Lucie's announcement hinted at a possible SHIB burn of approximately 4.52 billion tokens, which is a small portion of the circulating supply of 589.29 trillion.
The Shibarium team has been strategically utilizing a portion of the network's gas fees to execute SHIB burns since December 2023, with five burns completed to date, resulting in the removal of over 40 billion SHIB tokens.
In January, Shiba Inu's official communication channels confirmed that they had burned nearly 200 ETH through Shibarium, which is equivalent to about 4,522,285,714 SHIB coins.
The burn portal is currently being tested on the Puppynet testnet and will allow automated SHIB burns triggered by specific conditions within the Shibarium protocol, such as the accumulation of $25,000 worth of BONE.
The Shiba Inu burn rate is increasing significantly, with several instances burning millions of SHIB tokens, and over 9.6 billion tokens were burned in January 2024 with a total of 99 burns.
Related reading: 4 Month Old Shiba Inu
Shiba Inu's price has risen by 160% in the last week, and the token burn initiative could contribute to further price increases.
The circulating supply of SHIB tokens needs to be reduced to 52 trillion for one SHIB token to reach $0.01, which requires burning 91.07% of the actual circulating supply.
Broaden your view: Shiba Inu Price Prediction Chart
Frequently Asked Questions
Has SHIB burn rate skyrocketed to 2076%?
Yes, the SHIB burn rate has skyrocketed to 2076% in just 24 hours, marking a significant increase in the destruction of meme coins. This surge in burn rate has sparked interest among investors and enthusiasts alike.
Sources
- Shiba Inu Team Reveals An Upcoming Huge SHIB Burn (techreport.com)
- Shibburn (shibburn.com)
- Everything You Need to Know About Shiba Inu Burn Portal (coingape.com)
- Shiba Inu Burn Rate Suffers 99% Crash, What's Behind It? (bitcoinist.com)
- Shiba Inu Community Burns 643M SHIB in February ... (cryptonews.net)
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