Crypto Winter is expected to be an arduous time period that could last through the entire 2023. The world is in a recession right now and cryptocurrency is no exception. While loyalists of the Shiba Inu token remained strong through the start, it appears that even the SHIB Burn is cooling down amid crypto winter.
Total SHIB Burn of 2022 vs 2023 averages
Last year (2022) a total of 83.3-Billion tokens were de-circulated by SHIB Army and crypto enthusiasts. Shibburn twitter reported 6395 total transactions were completed, which would average to 18 burns per day. The New Year of 2023 appeared to initially be on an even hotter burn pace but it’s now questionable if things will continue at such record-setting rates.
The burning of tokens went sky high on January 1st but by the 7th numbers dwindled. Even after exciting news on Shibarium network burning $SHIB with every transaction, still the number has been consistently low.
The start of this new week was no exception. On Monday just under one-third of the daily token burn was met. In total 31,206,544 tokens were burned on January 9th. There were 7 transactions total with, only one surpassing 10-million.
The list of de-circulation transaction in descending order are as follows:
Testing Layer 2
The trend of minute token amounts being sent to the ‘dead wallet’ halted. There were a couple of transactions between 300 to 800 tokens in the past week that were oddly peculiar. Such amounts are worth less than US0.01 or 1 penny. This is less than the fees to send the amount for most, if not all.
Therefore, these small amounts have created rumors the burns were part of Shibarium Network testing.
If true, it could mean the disappearance of such miniature burns could indicate the beta testing stage is over. And if completed, it’s also plausible that launch is near.
Shiba Inu nor Shibarium twitter have confirmed launch dates, but most recently the group said it is coming soon. And an official tweet made it clear the ‘trinity of Shiba Inu’ will be of importance in their new ecosystem. New token $BONE will be required to use the Network.