Shiba Inu Witnesses Massive Burn of Nearly 10 Billion Tokens in January

Shiba Inu, the popular cryptocurrency, experienced a massive burn of nearly 10 billion tokens in January 2024, adding to its deflationary efforts. The burn was revealed by Shibburn, a burn analytics platform for Shiba Inu, which provided detailed data on the event. Approximately 9.93 billion SHIB tokens were sent to dormant wallets associated with the cryptocurrency, amounting to a value of around $88,348. However, this burn fell short compared to December 2023, where a record-breaking 36 billion SHIB tokens were obliterated through Shibarium-powered burns. Despite these burn efforts, Shiba Inu’s circulating supply still remains vast, with over 410.7 trillion tokens destroyed out of a total of 581.31 trillion in circulation. The Shiba Inu community is pushing for more aggressive burning strategies and has called for increased Shibarium gas fees to further intensify token burns. The company is also working on automating SHIB burns on Shibarium, with plans to test the automated burn portal on Puppynet before launching it on the mainnet. As always, readers are advised to exercise caution and do thorough research before engaging in any financial activities related to cryptocurrencies.