The Shiba Inu Dream NFT has incinerated approximately 550 million Shiba Inu tokens this month, transferring them to a non-recoverable wallet. In the past two weeks, data indicates that around half a million SHIB tokens were taken out of circulation within Shibarium, marking the highest token burns observed in November. These burns were instigated by third-party SHIB Dream NFTs. The SHIB Dream NFTs operate on the Shibarium layer-2 solution, offering practical applications to users within the network.
A representative from the Shiba Inu team commended this burning initiative, emphasizing its positive impact on reducing the total SHIB token supply. Throughout this year, several third-party applications and projects have consistently been engaged in SHIB token burns on the Shibarium L2 network. This ongoing activity not only sustains Shibarium’s network vitality but also generates transaction fees while promoting token burn efforts.
Shibarium Gears Up for the Pending Shiba Inu Token Blaze
While various other prominent third-party applications are actively engaging in SHIB token burns, Shibarium has not yet initiated the process of sending SHIB tokens to an irretrievable wallet. The layer-2 network was launched in August this year with a prominent feature of an integrated burn mechanism. However, as of now, the network has not taken steps to reduce the circulating supply of SHIB, which would make it scarcer in the markets.
If Shibarium can successfully burn trillions of SHIB tokens annually, it could potentially contribute to a sustainable increase in Shiba Inu’s token price. In order for SHIB to reach the $0.01 milestone, Shibarium must consistently execute SHIB token burns over the years. Failing to do so may reduce the likelihood of the dog-themed token reaching the 1-Cent mark in the foreseeable future.
As of the latest data, Shiba Inu was trading at $0.00000823, experiencing a decline of more than 1% in the past 24 hours. Additionally, SHIB has dropped significantly, nearing a 91% decrease from its all-time high of $0.00008616, which it reached back in October 2021. It has now been two years since SHIB has made any substantial progress toward reclaiming its all-time high.