The burning mechanism has become integral in the Shiba Inu [SHIB] ecosystem. Over the last couple of months, the SHIB community has come together to burn the meme token in a significant magnitude. An astounding 83 billion SHIB tokens were burned in 2022. 2023 started out on a pretty good note for Shiba Inu as an increased number of tokens were burned during the first three weeks of January.
In January, the community burned 1,335,975,771.12 worth about $16,218.75. Over the past six months, the community has destroyed 9,872,659,951.89 which is around $200K. It should be noted that a total of 41% has been eliminated from the circulating supply.
Furthermore, the burn rate of SHIB has been on the rise. At press time, the 24-hour burn rate was 316.95%.
Price rut incoming?
After several ups and downs over the last couple of weeks, Shiba Inu’s price seems to have entered a rather calm arena. As seen in its short-term price chart, the asset was getting into its accumulation stage.
At press time, the meme coin was trading for $0.00001212 with a dainty 0.01% daily surge. The Relative Strength Index [RSI] indicator suggested that there was no major buying or selling activity in the market.
Shiba Inu holder count hits all-time high
Additionally, the hype around Shibarium, Shiba Inu’s layer-2 upgrade continues to surface. While the developers in the network have been working towards the launch, new holders were entering the market.
The above chart implies how the total addresses in the Shib network rose to a high of 1,288,550. The asset managed to beat its previous high of 1,284,709 which it achieved back in November 2022.
On the contrary, 56% of the network’s holders were at a loss while only 40% were making a profit.