Shiba Inu recorded an eventful year in 2024, with more than 44.6 billion SHIB taken out of circulation through the burn system
Dog-themed Shiba Inu (SHIB), known for its deflationary burn mechanism, torched over 44 billion tokens in 2024. Shibburn, an online platform that tracks SHIB’s incineration activity, revealed the cumulative number of tokens sent to dead wallets.
Record Burns Fails to Impress
According to Shibburn in an X post, 44,623,604,014 SHIB tokens were incinerated last year. The staggering amount of tokens exited from the ecosystem was to stabilize prices by controlling the circulating supply.
However, the cumulative volume of incinerated tokens is less than $1 million at current market value. The worth of the over 44 billion SHIB burnt stands at $991,090. However, this does not represent an actual value, given that the SHIB value varied at different times in 2024 when the action occurred.
In an earlier post, Shibburn gave the total token incinerated for December as 2,679,767,542 SHIB. As reported by BGECrypto, the ecosystem also destroyed more than 3 billion in November. This highlights the increased burn activity by the ecosystem in the last two months of the year.
Notably, the Shiba Inu team and SHIB community carry out burn activity to reduce circulating supply. Daily activity might register a spike when the price of SHIB in the broader cryptocurrency market declines significantly. Hence, removing part of the circulating supply to dead wallets is one way to increase the token’s value.
Despite the large volume incinerated, SHIB community members were not enthusiastic about the figures. The users in the community feel the SHIB team has not done enough, given where the price of SHIB stands.
As of this writing, SHIB is trading at $0.0000227, an 8.94% increase in the last 24 hours.
Shiba Inu Users Call for More Aggressive Supply Reduction
For instance, a user noted that there was no progress with the supply still being in hundreds of trillions. Similarly, another user, Smart Crypto Investor (@Cryptogether), wondered how long it would take to increase worth at the current burn rate. “Now we just have to wait another 50 years until two zeros disappear…” he wrote.
Besides the strong criticism of the team’s effort as insufficient, a few users gave commendations and called for sustained action.
Will Riley highlighted how far the community still needs to go to reduce the circulating supply. He noted that even if the decision were reached to burn one billion tokens every minute for 2025, over 58 trillion SHIB tokens would remain.
These comments suggest that the team and community must put more effort into reducing supply. When there is a sense of scarcity, it could help knock out several zeros and push it closer to its journey to $1.
Notwithstanding, renowned crypto analyst Javon Marks recently offered hope to SHIB investors as he foresees an explosive uptick ahead. If current technical indicators and historical precedence play out, marks see SHIB hitting the $0.000081 target or something higher.
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