Shib Inu prices dropped on the last day of 2022. The year ended without a Santa Clause rally. However, the new year is seeing a pick-up, to change the trend. And as the price of the $SHIB token goes up, burning has also seen new record highs already for 2023.
Just two days into the new year, SHIB coin’s burn-off numbers have already demolished December 2022 totals. The total of 4 burns alone thus far, in less than 48 hours, is over 250 million coins. The value of these coins is US$2043 at today’s price.
The expectation of those burning tokens is to help decrease the trillions of $SHIB in circulation today. In theory, it will increase the value of the token. However, it will take years of burning hundreds-of-millions of tokens daily to make a significant change.
December 2022 ATL vs Today’s Price
The lowest price of the Shiba Inu coin on December 31st was US$0.00000789. Today, the 2nd of January, it is valued at US$0.00000819.
The slight increase on token price was a massive gain for $SHIB Whales, hoarding millions.
Crypto Coin Opps reports the biggest of the 4 burn transactions is the ‘biggest burn by single user in 2023’ thus far. A lone user set the bar for the new year high by burning more than 147-million Shiba Inu tokens on the 1st of January. The SHIB burning was done in 18 seconds and cost the user $0.58 to send to the ‘burn wallet.’
A second burn transaction of slightly under 74-Million Shiba Inu coins was completed just after noon (EST). A large sum but around 49% less than the behemoth burn on the 1st.
If the trend of burning over 50-million tokens daily continues throughout the 1st quarter and Shibarium launches, it could be the catalyst for a major price rally in early 2023.
$SHIB is a long way from its ATH of $0.000090, which occurred in September of 2021.
If cryptocurrency tops past market cap levels, alongside Shiba Inu losing billions of coins from circulation, the coin could surpass previous token highs for massive gains.
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