SHIB burn rate spikes thanks to Shiba Inu token’s bullish behavior
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The rate of Shiba Inu token burning almost doubled in January, with more than 1 million SHIB tokens already burned in the first weeks of the new year, according to CryptEye data. For comparison, only 540,000 Shiba Inu tokens were sent to dead addresses to be burned during the entire month of December.
At the same time, the price of the Shiba Inu token rose by 17.3% during the period under review, fully recouping the losses incurred throughout the last month of 2022.
Thus, we can once again assert that the growth of the SHIB price has a favorable effect on the number of tokens burned. Recall that, previously summarizing the year regarding Shiba Inu token burning, U.Today noted a gradual decline in the rate of burning, which of course repeated the dynamics of the SHIB price. December then became the month of the absolute bottom, when the number of SHIB sent to a dead address did not even exceed one million tokens.
Keep trend burning
If the rally at the beginning of the year continues, we can expect growth not only in the price of SHIB but also in the burning rate, which seems to be a nice bonus for holders of Shiba Inu tokens.
By now, the number of tokens out of circulation is 410.385 trillion SHIB. For 2022, a total of 83 billion Shiba Inu tokens were burned.