Main navigation

Here's How Much Shiba Inu (SHIB) Was Burned on New Year's Eve

Sun, 01/01/2023 - 09:55
article image
Arman Shirinyan
Shiba Inu's burning machine works without holidays
Here's How Much Shiba Inu (SHIB) Was Burned on New Year's Eve
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

New Year celebrations are traditionally followed by low trading activities on the market and the industry in general. Obviously, one would expect extremely low to non-existent volume of Shiba Inu, hence a lack of burning volume on the chain. However, that was not the case on Dec. 31 and Jan. 1.

According to the Shibburn portal, almost 100 million Shiba Inu tokens have been burned in the last 24 hours. In the last 48 hours, the number is way more significant, with almost 300 million Shiba Inu tokens burned in one transaction only.

Shiba Inu chart
Source: TradingView

Despite the deceleration of burning activities on the network, Shiba Inu still manages to maintain a certain threshold in the overall amount of burned assets, which leads to a gradual reduction in the circulating supply. When the network's activity is on a high level, investors manage to burn up to 1 billion SHIB tokens, significantly helping the token's performance on the market.

Despite the existing burn and the gradual removal of SHIB from the market, the price of the meme token has been struggling throughout 2022 for numerous reasons: the general downtrend on the cryptocurrency market, massive de-risking of investors' portfolios and the lack of clarity in Shiba Inu's future.

What Are XRP and Other Cryptos in for in January? Crypto Market Review, Dec. 29

From the market perspective, Shiba Inu lost more than 90% of its value since reaching the all-time high back in 2021, which makes it one of the worst-performing assets across the market.

The current holder composition suggests that short-term traders are no longer interested in the meme coin, which explains the lack of buying volume on the asset. At press time, Shiba Inu is trading at $0.000008 and not showing any signs of volatility.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.