{"id":32704,"date":"2025-01-02T12:20:37","date_gmt":"2025-01-02T12:20:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=32704"},"modified":"2025-01-02T12:20:37","modified_gmt":"2025-01-02T12:20:37","slug":"heres-how-many-shiba-inu-shib-tokens-got-burned-in-2024","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=32704","title":{"rendered":"Here\u2019s How Many Shiba Inu (SHIB) Tokens Got Burned in 2024"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu\u2019s circulating supply was reduced last year due to the billions of burned tokens.<\/span>
\nSHIB\u2019s price is up 115% on a yearly scale, thanks to numerous potential factors, such as the burning mechanism, Shibarium\u2019s progress, and others.<\/p>\n

<\/a><\/span><\/h2>\n

The Burning Goes on<\/h2>\n

The popular meme coin initially had a total supply of <\/span>a whopping<\/span> one quadrillion tokens. At launch, 50% of the amount was locked into the decentralized exchange Uniswap to provide liquidity, while <\/span>the remaining half was sent<\/span> to Ethereum\u2019s co-founder Vitalik Buterin.<\/span><\/p>\n

The computer programmer later donated trillions of<\/span>\u00a0SHIB to the India COVID-Crypto Relief Fund and other charity organizations. Eventually, he <\/span>burned<\/span><\/a> the remaining 410 trillion SHIB tokens, worth approximately $6.7 billion <\/span>at the time<\/span>.\u00a0<\/span><\/p>\n

Buterin\u2019s initiative was followed by an imminent price rally for the dog-themed meme coin.<\/span> After all, fundamental principles of <\/span>economy<\/span> dictate that reducing the circulating supply combined with non-declining demand should be followed by a pump.<\/span><\/p>\n

In 2022, the Shiba Inu team officially adopted a burning mechanism that enables the community to send tokens to a dead wallet voluntarily. According to a recent <\/span>post<\/span><\/a>, over 44.6 billion SHIB, worth a little more than $1 million, were destroyed throughout 2024.<\/span><\/p>\n

While the USD equivalent of the stash might not sound <\/span>that<\/span> impressive (considering <\/span>the fact<\/span> that it stretches <\/span>over the span of<\/span> 12 months), continuous efforts in that field will make the meme coin more scarce and potentially more valuable.<\/span>\u00a0<\/span><\/p>\n

Meanwhile, the burn rate has <\/span>jumped<\/span><\/a> roughly 100% in the past 24 hours, resulting in nearly 1.9 million SHIB sent to a null address.\u00a0<\/span><\/p>\n

SHIB Price Outlook<\/span><\/h2>\n

Reducing the circulating supply of the meme coin throughout 2024 could be one reason why its price has <\/span>charted a solid increase of<\/span> 115% between January 1 last year and the beginning of 2025.<\/span>\u00a0<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Other factors include the booming cryptocurrency market, <\/span>more<\/span> particularly the meme coin niche, and the further advancement of Shibarium.<\/span><\/p>\n

The layer-2 scaling solution, which aims to foster the development of the Shiba Inu ecosystem, blasted through numerous milestones last year. Around Christmas, the total transactions processed on the protocol <\/span>exceeded<\/span><\/a> 700 million, while <\/span>prior to<\/span> that, wallet addresses <\/span>crossed<\/span><\/a> 2 million.<\/span><\/p>\n

The post Here\u2019s How Many Shiba Inu (SHIB) Tokens Got Burned in 2024<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s circulating supply was reduced last year due to the billions of burned tokens. SHIB\u2019s price is up 115% on a yearly scale, thanks to numerous potential factors, such as the burning mechanism, Shibarium\u2019s progress, and others. The Burning Goes on The popular meme coin initially had a total supply of a whopping […]<\/p>\n","protected":false},"author":0,"featured_media":32705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-32704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/32704"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32704"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/32704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/32705"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}