Loading...

Shiba Inu’s impressive January token burn – over 9.9 billion SHIB tokens destroyed

TL;DR

  • In January 2024, Shiba Inu saw 9.9 billion SHIB tokens permanently removed from circulation, valued at around $88,348.
  • Despite this achievement, it falls short of December’s record token burn of 36 billion SHIB tokens, driven by Shibarium-powered burns.
  • The Shiba Inu community urges more aggressive token-burning strategies, while the company plans to automate SHIB burns on Shibarium.

 

In a recent revelation by the Shiba Inu burn analytics platform, Shibburn, fresh data highlights the extent of this remarkable token-burning event. Approximately 10 billion units of SHIB tokens were incinerated throughout January, with an exact figure of 9,937,949,070 (9.93 billion) SHIB tokens sent to dormant wallets associated with the cryptocurrency. 

At the time of reporting, SHIB traded at $0.00000889, according to CoinStats. The tokens burned last month hold an estimated value of approximately $88,348.

Comparison to December 2023

Comparing January’s token burn to December 2023, it is evident that the latest figures fall short. In December, a staggering 36 billion SHIB tokens were obliterated, primarily due to the introduction of Shibarium-powered burns. 

These burns harnessed a portion of Shibarium gas fees, incinerating 33.4 billion tokens over four transactions within 18 days. Notably, a fifth Shibarium-powered burn, initiated on January 9, removed a massive 9.35 billion SHIB tokens in a single transaction.

Shiba Inu’s circulating supply

Despite these substantial token burns throughout Shiba Inu’s existence, it’s important to note that the tokens burned represent only a fraction of Shiba Inu’s vast circulating supply. Over 410.7 trillion SHIB tokens have been destroyed, leaving the cryptocurrency with a circulating supply of 581.31 trillion.

Despite the impressive token-burning efforts, the Shiba Inu community continues to advocate for more aggressive burning strategies. Community members have urged the development team to increase Shibarium gas fees to intensify token-burning efforts.

Automating SHIB burns on Shibarium

As previously reported by Coinedition, the company is in the process of automating SHIB burns on Shibarium. This automated burn portal will undergo testing on Puppynet before its official launch on the mainnet.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Long Do CEO Anomaly Interview
Cryptopolitan
Subscribe to CryptoPolitan