For the Shiba Inu community, the start of the new year is based on decisive action. There has been a spike in the coin burning rate, which at its peak reached as high as 13,000%.
Shibburn with hard data
The Shibburn platform, which depicts SHIB coin burning data and statistics, indicates that in the first hours of the new year, the Shiba Inu community sent nearly 199.7 million SHIB to the burning wallet. This procedure reduced the supply of the coin, permanently removing it from circulation. Thus, according to Shib Burn Trucker, the burn rate was 112.27%.
As much as 89.8% of these burns represent just two transactions. One of them was the reduction of nearly 147.9 million SHIB. This took place on January 1 at 21.03 UTC.
Interestingly, the address responsible for this transfer got rid of all the SHIBs in his possession. Instead, he was left with about 6.46 ETH, being in two other tokens.
The second transaction, on the other hand, indicates the burning of 31.6 million SHIBs. This took place a day later. The address, however, still remains a SHIB holder, boasting holdings of 18.7 million coins.
The end of the year even more impressive than the beginning of the new one
It is not only the beginning of 2023 that is worth noting. The end of 2022 was even more spectacular. After all, the Shiba Inu community sent 300 million SHIB to be burned. All these operations took place in just 24 hours. The result was that the burn rate jumped by leaps and bounds, recording levels as high as 13,000%. Thus, the total value of SHIBs burned in 2022 was 83.34 billion.
Incineration is an initiative that the dog coin community is taking to make the strongest possible impact on reducing its supply. Thanks to these efforts, a total of 410 trillion coins have already disappeared from the market, which, combined with all other efforts, leaves less than 550 trillion SHIBs currently in circulation.
Shiba Inu on the chart
Despite the huge number of coins burned, Shiba Inu does not seem to reflect these operations in its price action. At the time of writing this article, the SHIB price is $0.00000825, an increase of barely 2.1% year-to-date. Shiba Inu thus remains in consolidation, but is dangerously close to its last year’s lows. Breaking through them could open the way to a new, uncharted low.
