- January sees 10 billion SHIB tokens incinerated, boosting Shiba Inu’s deflationary efforts.
- December’s record-breaking burn of 36 billion SHIB tokens surpassed January’s achievements.
- Shiba Inu’s community demands increased burns and explores automation on Shibarium for token scarcity and utility.
January 2024 brought a significant milestone for Shiba Inu as the popular cryptocurrency witnessed 9.9 billion SHIB tokens being permanently removed from its circulating supply. This remarkable achievement in token burning was unveiled by the Shiba Inu burn analytics platform, Shibburn, which has released fresh data highlighting the extent of this event.
According to the data, 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 press time, SHIB traded at $0.00000889, per CoinStats. The tokens burned last month hold a value of approximately $88,348.
🔥🔥🔥 9,937,949,070 $SHIB tokens have been burned in the month of January with 269 transactions. #SHIB pic.twitter.com/cPJwJy7Thd
— Shibburn (@shibburn) February 1, 2024
Comparing the January token burn to December 2023, it is clear that the latest figures fall short. In December, 36 billion SHIB tokens were obliterated, mainly due to the inception of Shibarium-powered burns. These burns utilized a portion of Shibarium gas fees, incinerating 33.4 billion tokens over four transactions within 18 days. Remarkably, a fifth Shibarium-powered burn, initiated on January 9, removed a massive 9.35 billion SHIB tokens in a single transaction.
However, it’s crucial to note that despite the substantial numbers, the tokens burned represent only a fraction of Shiba Inu’s vast circulating supply. Currently, over 410.7 trillion SHIB tokens have been destroyed, leaving the cryptocurrency with a circulating supply of 581.31 trillion.
Despite the substantial token burns throughout Shiba Inu’s existence, the community continues to advocate for more aggressive burning strategies. Members of the Shiba Inu community have urged the team to increase Shibarium gas fees to intensify token-burning efforts.
As reported earlier 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.
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