Over 44.6 billion SHIB tokens burned in 2024, with burn rates swelling by 100% in December.
Shiba Inu’s price grew by 115% in 2024, driven by reduced supply, market trends, and expansion.
The L2 scaling solution processed over 700 million transactions in 2024, with wallet addresses exceeding 2 million.
Shiba Inu debuted with a supply of one quadrillion tokens and has experienced reductions in its circulating supply. At first, half of the total supply was locked into Uniswap to ensure liquidity, while the other half was sent to ETH co-founder Vitalik Buterin. This massive allocation played a pivotal role in shaping the token's supply dynamics.
Buterin's involvement with Shiba Inu tokens spread beyond receiving the supply. He donated trillions of SHIB to organizations, including the India COVID-Crypto Relief Fund. He later burned 410 trillion SHIB tokens, valued at $6.7 billion at the time, permanently removing them from circulation. This act preceded a significant price rally for the meme coin, underscoring the economic principle that a reduced supply, paired with steady demand, often boosts value.
In 2022, the SHIB team introduced a burning mechanism allowing community members to send tokens to dead wallets. Reports from 2024 indicate that over 44.6 billion SHIB, worth approximately $1 million, were destroyed through this mechanism. While this figure might seem modest given the duration, it signifies consistent efforts to create scarcity.
In the last 24 hours of 2024, the burn rate surged by nearly 100%, with approximately 1.9 million SHIB sent to null addresses. Such developments contribute to the gradual reduction of circulating tokens, which could influence the token's future value.
Shiba Inu's price saw growth throughout 2024, rising by 115% between January 1 and early 2025. This increase is pointed to different factors, including the ongoing burning tool, a thriving cryptocurrency market, and advancements in Shibarium, the project's layer-2 scaling solution.
Shibarium achieved significant milestones in 2024. Total transactions processed on the platform surpassed 700 million around Christmas, while wallet addresses exceeded 2 million earlier in the year. These advancements highlight the expanding use case of the ecosystem and its role in supporting SHIB’s growth.
