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SHIB Bullish Price Action Surprisingly Boosts Shiba Inu Burn Rate: Details

Fri, 01/13/2023 - 14:25
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Gamza Khanzadaev
SHIB burn rate spikes thanks to Shiba Inu token's bullish behavior
SHIB Bullish Price Action Surprisingly Boosts Shiba Inu Burn Rate: Details
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The rate of Shiba Inu token burning almost doubled in January, with more than 1 million SHIB tokens already burned in the first weeks of the new year, according to CryptEye data. For comparison, only 540,000 Shiba Inu tokens were sent to dead addresses to be burned during the entire month of December.

Source: CryptEye

At the same time, the price of the Shiba Inu token rose by 17.3% during the period under review, fully recouping the losses incurred throughout the last month of 2022.

Shiba Inu (SHIB) Burn Rate Spikes 937% as Price Is Close to 'Burning' Zero

Thus, we can once again assert that the growth of the SHIB price has a favorable effect on the number of tokens burned. Recall that, previously summarizing the year regarding Shiba Inu token burning, U.Today noted a gradual decline in the rate of burning, which of course repeated the dynamics of the SHIB price. December then became the month of the absolute bottom, when the number of SHIB sent to a dead address did not even exceed one million tokens.

Keep trend burning

If the rally at the beginning of the year continues, we can expect growth not only in the price of SHIB but also in the burning rate, which seems to be a nice bonus for holders of Shiba Inu tokens.

Whopping 83 Billion SHIB Burned During 2022, Here's What's Next

By now, the number of tokens out of circulation is 410.385 trillion SHIB. For 2022, a total of 83 billion Shiba Inu tokens were burned.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.