2024 was a remarkable year for the cryptocurrency market, with many major assets surpassing expectations. Shiba Inu was one asset that performed spectacularly, and token burns through Shiba Inu’s systematic burning initiatives contributed greatly to the digital asset’s performance last year.
On January 1, 2025, Shibburn released its comprehensive annual report through its official X account, revealing the full scope of the year’s burning activities.
The data showed that the combined initiatives resulted in the permanent removal of 44,623,604,014 SHIB tokens (44.6 billion) from circulation in 2024, representing approximately $991,090 at current market rates.
This dollar valuation is only a reference point because the token burns occurred at varying price levels. However, it still adds up to a notable amount and shows the progress of the ecosystem.
Details of 2024 SHIB Burns and Community Response
December 2024 contributed significantly to the annual figure, with Shibburn documenting the removal of 2,679,767,542 SHIB tokens across 143 distinct transactions. This end-of-year activity demonstrated a sustained commitment to the token reduction strategy, even as the year drew to a close.
Notably, December saw SHIB reach its second-highest level in 2024. Shiba Inu is also the largest ERC-20 token in the crypto market, and despite a recent decline in the final few weeks of 2024, it is still up over 110% from last year.
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While the burns are a major part of Shiba Inu’s growth strategy, the community response to these burning statistics has been notably mixed. Many stakeholders expressed concerns about the scale of token elimination.
One community member complained that the total value burned failed to reach the million-dollar threshold. Another user pointed out that the current rate of token removal may be insufficient to significantly impact the substantial circulating supply of over 560 trillion tokens.
Critical voices within the community have called for more aggressive burning strategies in the upcoming year, suggesting that the current pace needs acceleration.
Shytoshi Kusama, Shiba Inu’s lead developer, recently weighed in on the discussion of token burning, maintaining that even the theoretical elimination of 99% of the token supply would not substitute for genuine utility and adoption.
However, burns still play a crucial role in the ecosystem. Some community members have also displayed optimism , viewing the 2024 burn statistics as a foundation for future token reduction efforts that could aid a price increase.
Many in the community are also optimistic about a price surge, and some analysts have predicted climbs as high as 250% for SHIB. With burns set to continue in 2025, Shiba Inu could experience even better performance this year.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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