thecryptobasic.com
A massive Shiba Inu burn could occur today as popular community member “1c Dream” prepares to incinerate 100 million SHIB tokens.
According to a series of X posts, the hefty SHIB burn is slated to occur today, June 13, at 18:00 EST (22:00 UTC). Famous Shiba Inu enthusiast Casey Stubbs confirmed the development, claiming the burn will be a live event.
The day has come 🔥
100M $SHIB burn is today 🔥
Join this beautiful moment ❤
Born for $SHIB and #SHIBARMY #Shibarium #ShibaSwap $SHIB $CENT https://t.co/IYGd70pKFW— 1cDREAM (@1cDream) June 13, 2024
Burns to Occur Live
At the event, 1c Dream confirmed that he would demonstrate the transfer of the 100M SHIB to the Shiba Inu dead wallet in real time, permanently removing the tokens from circulation. In the meantime, the user encouraged interested parties to join a Telegram channel for more updates.
Of course, all is transparent, please join tg for all information
— 1cDREAM (@1cDream) June 13, 2024
With a unit of SHIB priced at $0.00002153, the USD equivalent of the 100M Shiba Inu tokens is worth $2,153.
Shiba Inu Burn Rate Could Spike Massively
The upcoming incineration is expected to bolster Shiba Inu’s burn rate. Data from Shibburn shows that Shiba Inu’s burn rate is down 93.67% over the past 24 hours, as only 14.78M SHIB, worth $318, were destroyed within this timeframe.
Moreover, the forthcoming transaction will mark one of the most significant recent individual burns for Shiba Inu, as burns have witnessed a substantial decline in volume in the past few weeks.
As reported earlier, the community burned 271,470 SHIB and 7.9M tokens on June 10 and 11, respectively. However, the burn campaign gained steam yesterday, witnessing the incineration of 232M SHIB in multiple transactions, including a transaction containing over 225M tokens.
Since Shiba Inu has recorded only 14.78M SHIB, 1c Dream’s upcoming burn could push the total tokens destroyed today to over 100M.
Significance of Upcoming Burn
Organizing a live event to burn SHIB could inspire other community members to participate in the ongoing campaign to reduce Shiba Inu’s hefty circulating supply via burns. This could bolster the asset’s demand and price in the long run.
Out of a total supply of 1 quadrillion, over 410.72 trillion have been burned, leaving the cryptocurrency with a circulating supply of 589.27 trillion, still representing a massive mountain to climb.