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

Fri, 12/30/2022 - 13:22
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Gamza Khanzadaev
Here's what to expect in 2023 as tens of billions of SHIB were burned in 2022
Whopping 83 Billion SHIB Burned During 2022, Here's What's Next
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According to SHIB Burn Tracker, 83 billion Shiba Inu tokens were burned during the year 2022. At an annual arithmetic average SHIB price of $0.000021, this amount is equivalent to $1.74 million. In addition, 83 billion SHIBs represent 0.014% of the total token supply at the beginning of the year.

Diving deeper into the statistics, it becomes clear that the hottest month in terms of the number of Shiba Inu tokens burned was May, when more than 31 billion SHIB went to the dead address. Interestingly, May then saw the biggest drop in Shiba Inu token prices of the year, when they plummeted 41.82% in one month.

Shiba Inu Burn Address Used by Vitalik Buterin Now Reaches 410 Trillion Burned SHIB

Another curious observation is that before this period, the number of SHIB sent to be burned was increasing but then became lower each month, with the number barely exceeding 500 million tokens in December.

The counter on the portal website now states that it takes 83,018 years to burn 90% of the entire remaining supply, equal to 589.6 trillion SHIB.

Is it possible to shorten this term in 2023?

The answer to this question can hardly be known for certain. As paradoxical as it may sound, the more a Shiba Inu token is worth, the more of them are burned. So, for the most part, the pace at which SHIB burns depends on global crypto market conditions.

Lead SHIB Dev Says Work on Shibarium Enters Final Stage 'Soon. Very Soon'

At the same time, developers are promising new products from the Shiba Inu ecosystem soon, including Shibarium. The coveted protocol, combined with the Shiba Eternity game, is expected to help accelerate token burning.

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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.