Total Number of Shiba Inu Tokens Burned in 2023
The Shiba Inu community burn initiative has been a crucial part of the meme coin’s growth, with regular SHIB burns believed to contribute to its ecosystem. However, there has been a noticeable decline in the number of SHIB tokens burned in 2023 compared to the previous year. According to data from the burn tracking website Shibburn, over 76 billion SHIB tokens were burned in 2023, representing an 8.33% decrease from the burn rate in 2022 when over 83 billion SHIB tokens were burned.
While this decline may be disappointing for some, it’s important to note that the layer-2 network played a significant role in maintaining the burn rate. Without the layer-2 network, the amount of SHIB burned in 2023 would have been much lower.
Shibburn data also reveals that monthly burns were relatively low throughout most of the year until December when Shibarium conducted its Shiba Inu burns. In December alone, Shibarium executed four burns totaling over 33.8 billion SHIB tokens. This means that Shibarium accounted for almost all the SHIB burns in December, with only about 35 billion SHIB burned that month. The failed launch of Shibarium may have affected the total amount of SHIB burned in 2023.
‘$0.01 Dream’ Still a Long Way From Being Actualized
The main objective of the SHIB burns is to increase the value of the meme coin, with a target price level of $0.01. However, achieving this goal still requires significant progress. According to Shiba Inu’s burn tracker, the maximum circulating supply of SHIB would need to be slightly over 85 billion for it to reach $0.01. This would require burning and removing 85.43% of SHIB’s actual circulating supply.
Currently, SHIB’s circulating supply stands at over 589 trillion, meaning there is a long way to go before reaching the target. So far, only 41% of SHIB’s total supply has been burned, with a majority of the tokens going to Shiba Inu’s burn address.
The Shiba Inu community is hopeful that Shibarium will help significantly reduce the meme coin’s circulating supply. If the layer-2 network can maintain its momentum from the end of last year, it is expected that the number of SHIB tokens burned in 2023 will surpass the previous year’s record.
Hot Take: Potential for Growth Amidst Decline in Burns
Although there has been a decline in the number of SHIB tokens burned in 2023 compared to the previous year, there is still potential for growth in the Shiba Inu ecosystem. The involvement of Shibarium and its layer-2 network holds promise for increasing SHIB burns and reducing the circulating supply.
While it may take time to reach the dream price of $0.01, the Shiba Inu community remains optimistic about the future. With continued efforts to burn more tokens and improve the meme coin’s value, there is hope that SHIB will see significant growth in the coming years.
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