Massive 76 Billion Shiba Inu Burned in 2023

Despite what appears to be a slow year for the Shiba Inu burn campaign, stats confirm the community burned over 76 billion tokens in 2023.

Shibburn, a community-driven Shiba Inu burn analytics resource, highlighted the milestone in a disclosure this morning. According to Shibburn, the community incinerated exactly 76,403,022,296 (76.4 billion) SHIB tokens last year.

At Shiba Inu’s current price of $0.00001032, these tokens amount to $788,479. The Shiba Inu community has continued to champion the burn campaign, advancing and supporting ecosystem projects that have promised to help bolster token burns, including Shibarium.

Data from a chart presented by Shibburn suggests that December welcomed the most burns of 2023. This was due to the massive burns from Shibarium amid the impressive growth in transactions and fees.

Shiba Inu 2023 Burns by Month

January and February saw some of the lowest monthly burns. The Crypto Basic reported a single notable 17 million burn in January.

Burns picked up in March as Koyo Token emerged. The community saw the burn of over 602 million on March 13, 2023, with Koyo Token accounting for 591 million.

Koyo burned another 794 million tokens on March 28 amid a total of 814 million burns. On March 20, 2023, the community confirmed that Koyo had indeed burned 4.63 billion tokens since it jumped on the campaign.

May also saw a massive uptick in Shiba Inu burns. Nine days into May 2023, several projects incinerated 5.6 billion SHIB, with Blaze Token accounting for a massive 3.7 billion tokens.

Blaze burned 2 billion tokens at once on May 2. The project burned another 3 billion on May 15, bringing its cumulative burns to 6.7 billion tokens in two weeks.

Burns remained relatively quiet but sustained in June and July. An upswing came up in August, skyrocketing the token burn rate.

Marswap, a Shibarium-based decentralized exchange, contributed to this uptick in August, burning 463 million tokens on August 12 to bring its cumulative burns to 3 billion SHIB.

Another period of calm was witnessed in September, October, and November despite Shibarium’s launch in August. However, the layer-2 protocol, which dedicates 70% of its base transaction fee to burn SHIB, began its burns in December.

As Shibarium recorded a surge in daily transactions and fees, the first-ever Shibarium burn came up on Dec. 5, involving 8.2 billion tokens.

Within 18 days, the Shibarium development team carried out three more burns, bringing total Shibarium burns to 33.4 billion. This represented the highest monthly burn for 2023. 

Calls for More Burns

While the 76.4 billion cumulative 2023 burn represents the immense progress made by the community in the initiative, it is 8.33% lower than the burns in 2022. Most community members have regarded it as too low, especially compared to the asset’s current circulating supply.

For context, the 76.4 billion SHIB burned last year represents only 0.13% of Shiba Inu’s circulating supply of 581 trillion. If this pace continues, the community would only be able to burn 5.81 trillion, or 1% of the circulating supply, in the next 76 years.

Nonetheless, some proponents remain optimistic that the pace could quicken in the new year as a result of Shibarium’s current position.

The Shiba Inu ecosystem developers are looking to implement an automatic burn mechanism to bolster the process. Shibarium also maintains a high daily transaction count, currently at 5.78 million.