'Dogecoin Killer' Shiba Inu Burns 10B SHIB In January: 'Significant Partnerships In The Works'

Shiba Inu SHIB/USD experienced a token burn of nearly 10 billion tokens in January, as its marketing lead expressed optimism about Shibarium's progress.

What Happened: Lucie, the marketing lead of Shiba Inu, shared an X post after meeting with the lead developer pseudonymously known as Shytoshi Kusama. Although specific details couldn't be disclosed, the “goal is to have everything finished by the end of this year.”

The vision, presented not as a promise but as a goal, is expected to materialize by 2024/2025. Lucie highlighted, “With every Dapp usage on #Shibarium and many significant partnerships in the works, it should have an amazing impact on #Shibarium, $BONE, while also contributing to burning $SHIB.” This is anticipated to showcase the true potential of $Leash and $Shiboshis.

In the past 24 hours, Shiba Inu witnessed a burn rate of 78%, with the total burnt tokens approaching half of the maximum total supply of Shiba Inu.

According to Shibburn data, 9.94 billion SHIB was burned in January, spread across 269 transactions for a total of $88,600. Shibburn data indicated around 111.7 million tokens were burned and transferred to a dead wallet on average per hour.

🔥🔥🔥 9,937,949,070 $SHIB tokens have been burned in the month of January with 269 transactions. #SHIB pic.twitter.com/cPJwJy7Thd

— Shibburn (@shibburn) February 1, 2024

Also Read: 'Dogecoin Killer' Shiba Inu Flashing 'Buy Signal' Says Crypto Analyst Ali Martinez: 'Could Climb To $0.010'

Why It Matters: Lucie's statement about Shibarium attracting strategic partnerships aligns with Shytoshi Kusama's current location update on X to Dubai, UAE, where the Token2049 event is taking place for blockchain and crypto enthusiasts. Positive fundamentals from these partnerships are expected to benefit BONE, SHIB and LEASH.

Recent whale transfers involving around 1.2 trillion tokens between two whales, including notable exchanges, suggest potential liquidity movements for reasons such as asset consolidation, sales, or preparation for exchange trading.

Despite a 1.5% drop in the past 24 hours and a 15.6% loss over the past month, Shiba Inu's Fear & Greed Index stands at 63 (Greed) based on Coin Codex data.

Read Next: 'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 1,500% On New Plan To Integrate 1000 New Projects To Shibarium

Image: Pixabay