Shiba Inu on Fire, “$0.01 Dream”

The Shiba Inu community burning program has become a mainstay of the memecoin ecosystem. Regular burning of SHIB is said to be integral to the growth of crypto tokens. Therefore, the number of SHIB tokens burned in 2023 is of concern and is significantly lower compared to the previous year.

Total number of SHIB tokens burned in 2023

according to data According to the destruction tracking website Shibburn, more than 76 billion SHIB tokens were destroyed in 2023. This means that the annual burn rate dropped by 8.33%. Over 83 billion SHIB tokens lost in 2022 burn.

Therefore, the numbers recorded in 2023 can be said to be disappointing, especially since expectations were high that the number of SHIB destroyed in 2023 would increase exponentially due to the launch of Shibarium. However, it’s worth mentioning that without Layer 2 networking, SHIB burn in 2023 will be much lower.

stupidnoise: Hibben

Further data from Shibburn showed the number of stings per month was relatively low until December last year, when Shibariums also carried out Shiba Inu stings. The Layer 2 network conducted four burns in December, totaling more than 33.8 billion SHIB tokens burned.

This means that Shibarium accounted for almost all of the SHIB burned in December, with only about 35 billion SHIB burned that month. Previously, the only time SHIB’s monthly destruction exceeded the 10 billion mark was in May. At the same time, if Shibarium had not failed to go online, SHIB’s destruction in 2023 might have been higher.

SHIB price live ricestagnation$0.0000096 | c $0.0000096 | stupidohn: Tradingview.com

The “$0.01 dream” is far from reality

The main goal of burning SHIB is to increase the value of memecoin, the price of $0.01 is one of them Target. According to the Shiba Inu Consumption Tracking System, if the maximum circulating supply of Shiba Inu is to reach US$0.01, more than 85 billion units would be needed. In order to achieve this goal, 85.43% of SHIB’s actual circulating supply needs to be burned and taken out of circulation.

If so, we are still a long way from achieving this goal, as the circulating supply of memecoin currently exceeds 589 trillion. To date, only 41% of the total SHIB supply has been burned, with the majority going to Shiba Inu burn sites.

However, the Shiba Inu community will be trading with Shibarium to help significantly reduce the circulating supply of meme coins. If the second-layer network maintains its growth momentum since the end of last year, the number of SHIB tokens burned this year is expected to be much higher than the number recorded last year.

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According to Bitcoinists