January 2024 was an impressive month for Shiba Inu as the cryptocurrency saw over 9.9 billion SHIB tokens burned from the circulating supply.
Shiba Inu burn analytics platform Shibburn has provided fresh data showing the number of SHIB tokens burned in the month of January 2024.
In an interesting development, Shiba Inu witnessed approximately 10 billion units of SHIB tokens burned throughout January. According to the data, a total of 9,937,949,070 (9.93 billion) SHIB tokens were sent to dead wallets affiliated with the cryptocurrency.
🔥🔥🔥 9,937,949,070 $SHIB tokens have been burned in the month of January with 269 transactions. #SHIB pic.twitter.com/cPJwJy7Thd
— Shibburn (@shibburn) February 1, 2024
At the current exchange rate of $0.00000889, the SHIB tokens burned last month are worth $88,348.
January SHIB Burn Lags Behind December Record
It bears mentioning that the amount of SHIB tokens destroyed in January is nothing compared to the tokens incinerated in December 2023.
In December, around 36 billion units of SHIB tokens were destroyed throughout the month. The number of SHIB burned in December surged massively due to the commencement of Shibarium-powered burns.
As reported earlier, a portion of Shibarium gas fees was used to burn 33.4 billion in four transactions within 18 days.
Notably, the Shiba Inu ecosystem team initiated the fifth Shibarium burn this month, where a whopping 9.35 billion SHIB were taken out of circulation in a single transaction.
The Shibarium-powered burn initiated on January 9 contributed massively to the 9.93 billion tokens burned this month. Despite sounding quite substantial, it is essential to note that the figure represents a tiny chunk of Shiba Inu’s circulating supply.
At the time of writing, over 410.7 trillion SHIB tokens have been incinerated, leaving the cryptocurrency with a circulating supply of 581.31 trillion.
SHIB Burn Rate Surges 191.97%
Meanwhile, Shiba Inu’s burn rate has surged by 191.97% over the past 24 hours. The massive spike in the burn rate comes after 15.22 million SHIB, equivalent to $135, were sent to the burn address over the past 24 hours.
Shib burn rate
SHIB Holders Demand More Burns
Although a substantial amount of SHIB tokens have been incinerated since Shiba Inu’s inception, the community still thinks the figure is tiny compared to the current circulating supply.
Consequently, Shiba Inu community members have called on the team to intensify burns by increasing Shibarium gas fees.
However, the team hopes Shibarium’s low fee would give the L2 blockchain a competitive edge over other networks, thus driving its adoption.
In the meantime, the company has commenced the process of automating SHIB burns on Shibarium. As The Crypto Basic reported, the automatic burn portal will be deployed to Puppynet for adequate testing before it makes its debut on the mainnet.