Here’s How Many Shiba Inu Coins Went Up in Flames in January

Shiba Inu burns are a hot topic among SHIB custodians, anticipating to reap the benefits of the auto-burning mechanism on-chain.

Shiba inu standing on a leather ottoman surrounded by fire.
Created by Gabor Kovacs from DailyCoin
  • SHIB Army continues to make it hot for Shiba Inu with 9.93B SHIB set aflame.
  • The burning stats point to a significant deceleration in comparison to December.
  • Shiba Inu custodians expect to see an automated on-chain burning mechanism.

As Shiba Inu custodians patiently await the launch of the on-chain Shiba Inu (SHIB) auto-burning mechanism, the vibrant community continues to incinerate SHIB tokens in a mutual effort to maintain the canine coin’s market value.

Sponsored

According to the official SHIB burn tracker Shibburn, SHIB members collectively set ablaze 9,937,949,070 SHIB coins in 269 transactions. Equaling $88,567.14, this metric is crucial to understanding the community’s rising enthusiasm regarding SHIB burns, even though most SHIB holders on X ask for similar amounts to be burned in a day rather than a week.

According to records, January’s results can hardly compare to December. During the last month of 2023, Shiba Inu developers heavily contributed towards the burns, as four cumulative SHIB burns were performed in three weeks, accounting for 35B SHIB wiped from circulation.

Shibarium Auto Burns: A Revolutionary Development?

While Shiba Inu’s Layer-2 blockchain Shibarium has been trailblazing with innovation in comparison to rival memecoins, one particular feature the ever-growing community of SHIB holders have been patiently waiting for is the automated on-chain burns.

A week ago, Shibarium’s developer team confirmed they were working on the Shibarium auto-burn launch. Before the auto burn feature goes live on Shibarium’s mainnet, the developer team scrupulously tests the engine on ‘puppynet’ testnet.

Recently switching the testnet from Goerli to Sepolia, Shibarium representatives have also announced plans to onboard around 1,000 new projects on the Layer-2 soon. For this purpose, the testnet switch is crucial, as it allows new builders on Shibarium to test out their decentralized applications (dApps) thoroughly before deploying them on the mainnet.

On The Flipside

  • From a yearly perspective, Shiba Inu’s official burn tracker reported over 76 billion SHIB in smoke throughout 2023, resulting in an 8.33% drop compared to 2022.
  • Billions of SHIB eradicated over a month is still a tiny fraction of the current circulating supply, which encompasses 589,281,170,642,420 SHIB tokens at the time.

Why This Matters

Cryptocurrency burning is an efficient way to maintain the long-term value of a cryptocurrency, as the burns don’t necessarily reflect on the coin’s price instantaneously.

Sponsored

Explore DailyCoin’s hottest cryptocurrency news:
Trader Leverages PORK Token to Earn $3.3Million from 5 ETH
Solana Stablecoins Volumes Are Not Fully Genuine. Here’s Why

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.