Shiba Inu marketing lead, Lucie has made a cryptic announcement to the SHIB community, indicating that something “special” was set to take place and highlighting the potential for more SHIB token burns.
Exciting Surprise Ahead For Shiba Inu
In a recent X (formerly Twitter) post, Lucie teased about a major surprise set to commence in the Shiba Inu ecosystem. While she left out considerable details about this special event, Lucie disclosed that she was working closely with Shibacals Collaboration Studio to make the exciting surprise happen.
Shibacals is a studio that produces and delivers quality merchandise and authenticates collectibles for global Web3 companies. Considering the studio’s services, it is possible that Lucie’s special news may involve utilizing Shibacal’s merchandise to facilitate token burns.
In her post, Lucie also urged Shiba Inu community members to get ready for a substantial SHIB burn. While she did not explain exactly how the Shiba Inu team plans to burn SHIB tokens in collaboration with Shibacals, a large-scale burn will grossly reduce the significant supply of Shiba Inu tokens.
A token burn is a process executed to permanently remove a specific number of tokens from circulation. This is usually achieved by sending tokens to a unique address called a burn address or a dead wallet. Token burns are often performed to significantly reduce the supply of a cryptocurrency, inducing scarcity and potentially leading to an increase in its value.
Despite withholding information on the upcoming surprise, many Shiba Inu community members took the marketing lead’s teasing in good form. A few members have inquired about the amount of SHIB tokens the marketing team intends to burn. Others have shown their enthusiasm for the impending burn, suggesting their readiness for the event.
SHIB Burn Momentum Continues In July
Lucie’s hint at an impending SHIB burn comes as great news to the community, poised to add to the substantial amount of tokens burnt this July. Reports from Shibburn, a Shiba Inu token burn tracker, have revealed that unidentified users have burnt a staggering 290,434,205 SHIB. Shibburn disclosed that the tokens were sent to a dead wallet and conducted in a single transaction.
The cumulative SHIB burn rate is up by 8,596.57%, pushing the total SHIB tokens burnt from its initial supply to over 410.7 trillion SHIB. Shiba Inu’s maximum total supply is about 999 trillion tokens, however now its circulating supply has dropped down to approximately 589.2 trillion.
In June, over 918 million SHIB, worth about $15,901 at the current exchange rate, were burnt across 237 transactions. This momentum has poured into July, as Shibburn continues to record multiple daily token burns.
Featured image created with Dall.E, chart from Tradingview.com
