Shiba Inu Hits Record: 76B Token Burn in 2023

Shiba Inu Hits Record 76B Token Burn in 2023

Calculated on the current Shiba Inu price of $0.00001032, burned tokens total $788,479. According to Shibburn data, December was the month with the greatest token burns this year due to massive burns from Shibarium and increased transactions and fees.

January and February saw lower monthly burn rates per month with 17 million being burnt in January alone, according to The Crypto Basic.

Burning activity increased significantly in March with the launch of Koyo Token. This led to a growth of 602 million tokens by 13th March, of which Koyo contributed 591 million. On 28th March, Koyo completed their burning campaign and burned 794 Million Tokens which equals 4.63 Billion Total!

May saw an uptick in Shiba Inu burns, with several projects consuming 5.6 million SHIB tokens in two weeks – Blaze Token being one of them by burning 2 billion tokens on May 2 and 3 billion on May 15 to produce over 6.7 billion tokens total.

Marswap, a cryptocurrency exchange trading Shibarium tokens, played an instrumental role in increasing the burning rate, with 463 million tokens being burned as of August 12th, leading to an astonishing burn rate of 3 billion SHIB!

Shibarium was launched with its inaugural burning on December 5, involving 8.2 million tokens that will add to the 76.4 billion SHIB burned by 2023 – some are concerned because this amount only accounts for 0.13% of circulation, sparking discussions regarding burning rates and strategies to avoid future fires.

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Robin Villiers is a finance analyst since 2014 in Forex with over 9+ years of experience. He is a finance graduate from University of London, UK. He is a true writing freak and is well versed in analysing trading strategies & indicators and tested 70+ brokers to provide access to important information to traders. Villiers is able to boil down the given projects into logical information necessary to make the right decision. He always carries a professional outlook and gives knowledge driven inputs in every area of finance.
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