The SHIB community has proven once again why it is one of the most passionate communities in the crypto industry. According to data from SHIB Burn Tracker, 83 billion meme coins were burned in 2022. Still, the Shiba Inu ecosystem has a chance to increase this burn rate in the coming year, with the developments coming.
The data reveals that at an average annual price of $0.000021, SHIB was burned, which equates to $1.74 million. Additionally, these 83 billion Shiba Inu tokens account for 0.014% of the total supply available at the start of the year.
SHIB Burns Increase in 2022
The burning event of the popular meme coin Shiba Inu is a topic closely followed by the crypto community. Regardless of what individuals thought about the popular token, the community tried to prove itself with this event.
Also, a deeper look at the data highlights the most active month for burns, May, when more than 31 billion SHIBs were transferred to dead wallets. On the other hand, May is also the month in which the biggest Shiba Inu price drop of the year was experienced, with a decrease of 41.82% in one month. Interestingly, the number of SHIB burns decreased every month after May. Then, in December, the number barely exceeded 500 million.
What to Expect from 2023
The Shiba Inu’s outlook for the coming year is quite interesting in terms of several factors. First, the operational trend of SHIB burning is illogical. The data shows that the higher the value of the SHIB, the more the community burned it. Normally the opposite would be the more correct approach. This means that how much SHIB will be burned next year depends primarily on macroeconomic factors. In addition, global market conditions will likely greatly affect the price and hence the burn rate.
Secondly, the meme coin will be impacted by the long-awaited Shibarium launch. Alongside the protocol, Shiba Eternity gameplay is expected to significantly impact SHIB burns in 2023.
You can follow the current price action here.