The Shiba Inu ecosystem has achieved a noteworthy milestone, effectively burning almost 10 billion tokens in just one month. This impressive feat highlights the community’s dedicated efforts to enhance the growth and value of the Shiba Inu native token, SHIB.
Shiba Inu Massive Token Burn Tops Over 9 Billion
In an X (formerly Twitter) post, Shibburn, a Shiba Inu token burn tracker, announced the total amount of SHIB burns that occurred in January 2024. According to the burn tracker, approximately 9,937,949,070 SHIB tokens worth about $90,087 were burned in just January.
Presently, the Shiba Inu community performs thousands of SHIB burns hourly and millions daily. This high volume of Shib burns reflects the community’s growing desire and commitment to counteract inflationary pressures and increase the value of the Shiba Inu token.
Typically, the SHIB burn mechanism was created to facilitate scarcity by burning billions of tokens and reducing the cryptocurrency circulating supply. According to Shibburn’s data, the total amount of SHIB burnt from the initial supply is over 410.7 billion, while the amount of SHIB tokens still in circulation is more than 589.2 billion. These figures reveal a staggering amount of SHIB tokens that are yet to be burnt.
In 2023, the Shiba Inu ecosystem recorded a remarkable amount of burns, witnessing over 76 billion tokens worth about $820,009 burned throughout the year. December recorded the highest amount of burns for 2023, with approximately 35 billion tokens sent to dead wallets.
More large-scale SHIB burns are expected to occur soon, as Shiba Inu has announced plans to automate its burning process. The automated SHIB burn mechanism is set to launch soon, and its primary objective is to maintain sustainable burn rates, potentially boosting the value of SHIB to spark a price increase.
SHIB price at $0.000009 | Source: SHIBUSD on Tradingview.com
SHIB Price Unaffected
SHIB’s massive supply remains one of the major barriers hindering the growth and development of its price value. Despite the large numbers of token burns taking place recently, the price of Shiba Inu has not experienced any notable increases.
Earlier in January, a surge in whale activity led to a slight increase in the price of SHIB. However, despite the uptick, the cryptocurrency has remained relatively stable, struggling to break through the $0.000009 price mark.
At the time of writing, the price of SHIBs is trading at $0.000009, reflecting a 16.34% monthly decline, according to CoinMarketCap. Many community members have expressed frustration and criticism about the coin’s seemingly suppressed position despite proactive approaches aimed at reducing the token’s supply and increasing its value.
Responding to Shibburn’s X announcement earlier, a member of the SHIB community expressed concerns, noting that the burns have had no effect on the price of SHIB. Another community member stated that the current burn rates were insufficient to propel the price of Shiba Inu upwards and advocated for more effective strategies to boost burns and enhance the token’s value.
Featured image from CryptoSlate, chart from Tradingview.com