Massive 76 Billion Shiba Inu (SHIB) Burned in 2023: Details

TL;DR

• Shiba Inu Token Burns in 2023: Shiba Inu burned over 76 billion tokens in 2023, a decrease from the previous year, with December seeing the highest burn rate.
• Shibarium’s Development: Shiba Inu’s Shibarium, a layer-2 blockchain solution, has shown significant progress, recording a high number of transactions and blocks.
• Shiba Inu’s Recent Price Trends: The asset’s value has shown an uptrend, with a significant increase in the past month.

Shiba Inu’s Burn Rate Last Year

The popular memecoin project – Shiba Inu – witnessed over 76 billion tokens burned throughout 2023 (equaling more than $820,000 at current prices), representing an 8.33% decrease compared to 2022. The record month was December, when approximately 35 billion assets were destroyed.

Despite sounding quite substantial, the figure represents a tiny chunk of Shiba Inu’s tremendous circulating supply of nearly 590 trillion. The mechanism aims to reduce that supply, making SHIB more scarce and potentially valuable in time.

The asset’s price has been on an uptrend lately, spiking by 5% in the past 24 hours and around 30% on a monthly basis (per CoinGecko’s data).

Shiba Inu Price, Source: CoinGecko

Shibarium is Also Worth Observing

Many experts have claimed that the advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium – could also play a role in the price appreciation of SHIB. 

The network, which officially went live in the summer of 2023, has blasted through multiple milestones lately, with total transactions surpassing 200 million around Christmas. Currently, that figure stands at almost 250 million, whereas total blocks are just shy of 2.5 million.

Shibarium aims to enhance the efficiency and scalability of the base layer by handling transactions off the main blockchain. Thus, users can enjoy reduced transaction fees and faster processing times. Those curious to dive deeper and learn more about Shibarium could take a look at our dedicated video below:

The post Massive 76 Billion Shiba Inu (SHIB) Burned in 2023: Details appeared first on CryptoPotato.