- The dog-encrusted crypto SHIB grew by $1.5bn in market cap in 2023.
- SHIB had a blazing hot December with three cumulative on-chain burns.
- An upswing in activity on Shibarium sports SHIB back above key support.
The popular memecoin Shiba Inu (SHIB) flourished throughout 2023 with 33% yearly gains. As SHIB’s Ecosystem faced exponential growth due to the release of its highly-anticipated Shibarium Layer-2, SHIB Army members sent 76 billion SHIB tokens to dead wallet addresses.
The hottest month was December. SHIB community members sent 225,620,026 to the bottomless pit on December 30, raising the Shibburn daily burn rate by 1416%. However, the 76,403,022,296 SHIB coins burned in 2023 depict an 8.33% drop from this metric recorded in 2022. Equaling $688,907, SHIB tokens erased from circulation helped to bump SHIB’s price back above the key support of $0.00001 by the end of the year.
New Year Packed with Heat for Shiba Inu
SHIB meets 2024 with a 4% rise in the last 24 hours to trade at $0.00001084, according to price aggregator CoinGecko. Completing a 30% monthly bull run, SHIB finished the year atop a historically crucial barrier but is still far behind February’s levels, which had catapulted SHIB to $0.00001473 to claim a yearly high on February 5.
Sponsored
Besides the burning action, Shibarium’s growth has significantly contributed to SHIB’s 33% yearly gains. December, the blockchain’s breakthrough month, saw three massive cumulative burn transactions from Shibarium developers.
Due to nearly seven million daily transactions, Shibarium developers initiated a triple SHIB burn campaign, incinerating over 25 billion canine tokens in three on-chain transactions. For this trend to persist, Shibarium devs highlighted the importance of trading and building activity on Shibarium, while the automatic SHIB burning mechanism is slated for release this month.
In the latest announcement from Shibarium developers, the lead dev, Shytoshi Kusama, addressed and shared a message of hope and peace in Japanese. As Japan witnessed a massive earthquake this Monday, Kusama wished those affected a speedy recovery while a crypto relief effort could soon take shape.
On the Flipside
- Some dApps on Shibarium Layer-2 had already implemented an automatic Shiba Inu burning mechanism.
- For instance, MARSWAP decentralized exchange (DEX) activated a 2% burning threshold on every transfer.
- The 76,403,022,296 SHIB coins set ablaze represent only 0.13% of the total 581T SHIB coins in circulation.
Why This Matters
In recent years, Shiba Inu rose to challenge Dogecoin for the most popular memecoin, while many Ether whales consider SHIB a long-term investment.
Sponsored
Explore DailyCoin’s top crypto news:
Analysts Eye Polygon (MATIC) Price Explosion Post-2023 Lag
324,000 Crypto Investors Fell Prey to Phishing Scams in 2023
