The Shiba Inu community burn initiative has become a mainstay in the meme coin’s ecosystem. The frequent SHIB burns are believed to be an integral part of the crypto token’s growth. As such, the number of SHIB tokens that were burned in 2023 has come under the radar, with there being a notable decline from the previous year.
Total Number Of Shiba Inu Tokens Burned In 2023
According to data from the burn tracking website Shibburn, over 76 billion SHIB tokens were burned in 2023. This figure represents an 8.33% decline in the yearly burn rate. In 2022, over 83 billion SHIB tokens were burned.
Therefore, the figure recorded in 2023 may be considered disappointing, especially since there were expectations, going into 2023, that the SHIB burns would increase exponentially with the help of Shibarium’s launch. It is, however, worth mentioning that the SHIB burned in 2023 would have been way lower if not for the layer-2 network.
Source: Shibburn
Further data from Shibburn shows that the monthly burns last year were relatively low until December, the same period Shibarium carried out its Shiba Inu burns. The layer-2 network executed four burns in December, all summing up to over 33.8 billion SHIB tokens burned.
This means that Shibarium accounted for almost all the SHIB burns in December, with just about 35 billion SHIB burned that month. Before then, the only time monthly SHIB burns crossed the 10 billion mark was in May. Meanwhile, there is the possibility that the amount of SHIB burned in 2023 could have been way higher if not for Shibarium’s botched launch.
SHIB price at $0.0000096 | Source: SHIBUSDT on Tradingview.com
‘$0.01 Dream’ Still A Long Way From Being Actualized
The major goal of the SHIB burns is to increase the meme coin’s value, with the $0.01 price level as one of the targets in mind. According to Shiba Inu’s burn tracker, Shiba Inu’s maximum circulating supply will need to be just over 85 billion if it is to get to $0.01. To achieve this, 85.43% of SHIB’s actual circulating supply will need to be burned and removed from circulation.
If so, there is still a long way to go before this can be achieved, as the meme coin’s circulating supply currently stands at over 589 trillion. So far, only 41% of SHIB’s total supply has been burned, with a majority of them going into Shiba Inu’s burn address.
The Shiba Inu community will, however, be banking on Shibarium to help reduce the meme coin’s circulating supply significantly. The number of SHIB tokens burned this year is expected to be way higher than the one recorded last year if the layer-2 network manages to keep up the momentum it picked up from the end of last year.
Featured image from Analytics Insight, chart from Tradingview.com
Scott Matherson
Source link
