SHIB burn rates increased by 105%, here is how much was removed
The Shibburn tracking platform spreads the word that over the past day, the SHIB community managed to get rid of a large amount of meme coins, resulting in a burn rate that increased by just over 105%.
The total number of burned meme coins amounted to 1,877,749 SHIB. Of this amount, a batch of 1,000,707 SHIB was removed from circulation in a single transfer.
44.6 billion SHIB disappeared in 2024
The same data source that provided the aforementioned SHIB burning statistics shared on January 1 that over the past year, the SHIB team and community managed to remove an astonishing amount of meme coins from circulation. This astonishing batch amounted to 44,623,604,014 SHIB worth just under 1 million dollars.
However, many SHIB enthusiasts were skeptical about this tweet from Shibburn, as these burnings are still too small to significantly reduce the circulating supply over the next year or two. The whole point of burning tokens is to reduce the total supply to make the coin scarcer and give it a chance to rise sharply in price. Nevertheless, so far only half of the original supply of SHIB in quadrillions has been burned.