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- 1 Nearly 9.5 billion SHIB coins burned in the past week.
- 2 Massive single-day burn of 9.3 billion by the SHIB team.
- 3 Further, trillion-scale destroys expected in January.
The past seven days saw billions of Shiba Inu coins permanently removed from circulation, as token burns critical for boosting value exploded over 11,000%. The meme coin’s developers and community activists combined to scorch nearly 9.5 billion SHIB out of the available supply.
The burns help drive token scarcity intended to appreciate prices over the long run. They follow previous batches eliminated manually by developers worth over $375,000 combined. More record-shattering destroys loom on the horizon for January.
Team Drives Million Percent Week Surge
According to monitoring resource Shibburn, the weekly burn tallies drastically exceeded typical activity. Nearly the entire sum of destroyed tokens came from a single effort by the Shiba Inu team on January 11th.
In this transaction, developers shifted and burned 9,351,444,446 SHIB worth $93,733 at the time of writing. The magnitude easily dwarfed the 62 million SHIB accumulated burns tracked for the previous six days combined.
Overall, last week, the fiery nine billion-plus total demolished the preceding week’s destruction by an astounding 11,618%. Measured daily, the team burn rocketed higher by 27,510% against usual community volumes.
The massive undertaking adds to previous burns conducted manually by developers over recent months. Those eliminated billions more SHIB across four previous batches carrying around $375,000 value destroyed to better tokenomics.
More Trillion-Scale Burns are Coming
According to inside sources on Discord channels and Telegram groups, the SHIB developer burns executed represent just a fraction of those planned. January stands poised to witness exponentially greater destruction, removing trillions more tokens from supply.
The burns shift from manual mode into a systemic automated mechanism hardcoded into transactions. This allows destroying sums dwarfing even billions regularly to boost scarcity provably.
Destroying upwards of nine trillion SHIB would equate to almost 1% of total current circulation. Such aggressive deflation forms a key pillar of boosting token value alongside the hotly anticipated Shibarium layer-2 blockchain rollout.
Together, they intend to revalue the token’s depressed price after prolonged bear market erosion.
Prices Stabilizing Around Key Level
The recent hyperburns came amidst SHIB stabilizing in a trading range following steep declines. After trading above $0.00001200 for most of the second half of 2022, prices bled out nearly 90% to below $0.00001000 handle in past months.
Selling pressure persisted despite previous bold developer burn announcements that failed to arrest bearish momentum. However, SHIB has found a firmer footing, having held the half-decimal zone for most of January.
Some analysts think markets now await proof the monumental trillion-plus burns materialize as declared before considering the upside. Nonetheless, stabilizing and forming consolidation bases marks a propitious sign before breakouts.
For long-term holders, deflation burns matter more than short-lived price wobbles. With the SHIB inflation rate plunging drastically if planned destroys are executed, valuations will likely be boosted significantly within 2023, even if delayed gratification. Patient believers keep their eyes trained on seeing those massive deflations manifesting to transform tokenomics.
Conclusion
A long-awaited resurgence of Shiba Inu coin burns reheats anticipation for a token turnaround after a painful 2022 slide. Sparked by developers torching billions of tokens, bigger destroys loom that could reshape circulation economics for the better.
If the promised trillion figure is eliminated, transpire, coupled with the layer-2 Shibarium launch, undervalued prices at a fraction of peaks seem positioned for recovery. Burnt token supplies and blockchain upgrades may bring the once blistering meme coin darling back from a long crypto winter slumber.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
