The Shiba Inu community experienced a major milestone in reducing its token supply. A substantial transaction on Friday led to the burning of 1,003,266,585 SHIB tokens. This action permanently removed these tokens from circulation, with the transaction valued at around $25,914.
This significant burn event took place at 04:37 UTC, and the data was confirmed by Etherscan. Lola, a marketing specialist for Shiba Inu, underscored this momentous occasion on social media to raise awareness.
The overall burn rate for Shiba Inu surged by an impressive 2,296% due to this massive token burn. The commitment to decreasing the token supply aims to increase scarcity and potentially boost the value of remaining tokens in circulation.
