Here’s how many Shiba Inu (SHIB) tokens were burned in 2024

TL;DR

• The circulating supply of Shiba Inu was reduced last year due to billions of tokens being burned.
• The price of SHIB increases by 115% on an annual basis, thanks to many potential factors, such as combustion mechanism, Shibarium advancements, etc.

The fire continues

The popular meme coin initially had a total reserve of a huge a quadrillion tokens. At launch, 50% of the amount was locked on decentralized exchange Uniswap to provide liquidity, while the remaining half has been sent to Ethereum co-founder Vitalik Buterin.

The computer programmer later donated billions of dollars SHIB to India COVID-Crypto Relief Fund and other charities. Finally, he burned the remaining 410 trillion SHIB tokens, worth approximately $6.7 billion at the time.

Buterin’s initiative was followed by an imminent price hike for the dog-themed meme coin. After all, the fundamental principles of economy require that the reduction in circulating supply combined with non-decreasing demand be followed by a pump.

In 2022, the Shiba Inu team officially adopted a burn mechanism that allows the community to voluntarily send tokens to a dead wallet. According to a recent jobmore than 44.6 billion SHIBs, worth just over $1 million, have been destroyed throughout 2024.

Even though the USD equivalent of the reserve may not seem that impressive (considering the fact that it stretches over the duration of 12 months), continued efforts in this area will make the same coin rarer and potentially more valuable.

During this time, the combustion rate has sautéed approximately 100% in the last 24 hours, resulting in nearly 1.9 million SHIBs being sent to a zero address.

SHIB Price Outlook

The reduced circulating supply of the meme coin throughout 2024 could be one of the reasons why its price has increased. recorded a solid increase in 115% between January 1 of last year and the start of 2025.

Other factors include the booming cryptocurrency market, more particularly the meme coin niche and the subsequent advancement of Shibarium.

The Layer 2 scaling solution, which aims to foster the development of the Shiba Inu ecosystem, achieved many milestones last year. Around Christmas, the total transactions processed on the protocol exceeds 700 million, while Before that, wallet addresses crossed 2 million.