According to the web search results, the Shiba Inu (SHIB) token burn rate skyrocketed in November 2023, as millions of SHIB tokens were sent to a dead wallet or burned by the community. The exact amount of SHIB burned in November 2023 is not clear, but some estimates are:
- On November 17, 2023, 105 million SHIB tokens were transferred to a dead wallet, increasing the burn rate by 1400%¹.
- On November 20, 2023, 81.2 million SHIB tokens were burned, most of them in a single transaction of 79.1 million SHIB².
- On November 21, 2023, 28.1 million SHIB tokens were burned in a single day, marking a 47,872% surge in burning activity compared to the previous day⁴.
Adding up these numbers, we get a total of 214.3 million SHIB tokens burned in November 2023. However, this may not be the final figure, as more SHIB tokens could have been burned by other means or in other days of the month. The SHIB burn rate is influenced by various factors, such as the adoption of the Shiba Inu network by charitable organizations, the integration of the Layer 2 solution Shibarium, and the community's efforts to reduce the circulating supply and increase the value of the token. Some analysts predict that SHIB could rally 2x by December 2023 if the burn rate continues to rise¹.
