The Shiba Inu community burn campaign has developed into a fundamental component of the ecosystem that supports the meme currency. It is widely considered that the regular SHIB burns are an essential component in the expansion of the cryptocurrency token. As a consequence of this, the quantity of SHIB tokens that were destroyed in 2023 has been brought to light, and it has been seen that there was a significant decrease in comparison to the previous year.
Burned Shiba Inu tokens in 2023, the total number of tokens burned
In the year 2023, more than 76 billion SHIB tokens were destroyed, as shown by the information provided by the website that tracks burns, Shibburn. The annual burn rate has decreased by 8.33%, as shown by this statistical data. The year 2022 saw the destruction of more than 83 billion SHIB tokens.
As a result, the number that was recorded in 2023 may be deemed to be disheartening, particularly considering that, before to the year 2023, there were anticipations that the SHIB burns would expand at an exponential rate with the assistance of Shibarium coming into being. On the other hand, it is important to point out that the SHIB that was destroyed in 2023 would have been far lower if it weren't for the layer-2 network.
According to further data from Shibburn, the monthly burns that occurred in the previous year were rather low up until December, which was the same time period when Shibarium carried out its Shiba Inu burns. In the month of December, the layer-2 network carried out four burns, which together resulted in the destruction of more than 33.8 billion SHIB tokens.
Consequently, this indicates that Shibarium was responsible for virtually all of the SHIB burns that occurred in December, with over 35 billion SHIB being burnt during that month. first in May did monthly SHIB burns surpass the 10 billion threshold, which was the first time they had done so prior to that. In the meanwhile, there is a potential that the quantity of SHIB that was burnt in 2023 may have been far larger if it weren't for the fact that Shibarium's debut was unsuccessful.
It is still a long way from being a reality that the "$0.01 Dream"
The primary objective of the SHIB burns is to raise the value of the meme currency, with the price level of $0.01 being one of the several objectives that are being considered. It has been determined by the burn tracker that in order for Shiba Inu to reach $0.01, the maximum supply that is currently in circulation will need to be somewhat more than 85 billion. To accomplish this goal, it will be necessary to burn and remove from circulation 85.43 percent of the real quantity of SHIB that is now in circulation.
If such is the case, there is still a significant distance to go before this objective can be accomplished, since the meme coin's supply that is presently in circulation is more than 589 trillion. The bulk of the SHIB that has been burnt has been directed toward Shiba Inu's burn address, with just 41% of the entire quantity of SHIB having been consumed yet.
The Shiba Inu community, on the other hand, will be relying on Shibarium to assist in dramatically reducing the amount of meme currency that is now in circulation. In the event that the layer-2 network is able to maintain the momentum it gained from the end of the previous year, it is anticipated that the number of SHIB tokens that are burnt this year would be much larger than the one that was recorded the previous year.
