- Shiba Inu (SHIB) could potentially burn five trillion tokens a month with the anticipated implementation of Shibarium, its Layer-2 solution.
- The proposed burn rate by Shibarium would contribute to SHIB’s price rally, though the timeline remains speculative given the vast circulating supply of SHIB tokens.
The Shiba Inu (SHIB) community is buzzing with the prospect of a significant increase in the token burn rate, spurred by the anticipated launch of its Layer-2 solution, Shibarium. This prospect could reshape the dynamics of SHIB tokenomics, potentially incinerating five trillion tokens monthly.
Shibarium’s Promise: A Catalyst for Token Burns?
Shibarium, the upcoming L2 solution, is designed to aid the burning of SHIB tokens and has inspired predictions of a five trillion SHIB burn monthly. SHIB Bezos, a leading influencer within the SHIB community, recently spotlighted this projection, highlighting the potential of Shibarium in fostering token burns.
The excitement around the prospective burn rate is linked to the possibility of a price rally for SHIB. It’s worth noting that a substantial surge in the burn rate is required to make a dent in SHIB’s current circulating supply of 579.1 trillion tokens. Even at a burn rate of five trillion tokens per month, it would take approximately five years to reduce the supply by half.
Shibarium’s contribution to SHIB burns is expected to be significant, with 70% of its base transaction fee dedicated to incinerating SHIB tokens. The ultimate effect on the burn campaign will hinge on the rate of adoption and the quantity of projects constructed on this network.
Currently, Shiba Inu’s burn rate stands at 91.67 million tokens daily, which equates to 2.75 billion tokens a month and 33 billion tokens annually. To reach the ambitious target of five trillion tokens monthly, SHIB’s burn rate would need to surge by 212,665%.
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Anticipation and Skepticism
Despite the excitement within the SHIB community regarding the prospective monthly token burn, there are skeptics who view the five trillion mark as a product of wishful thinking. Furthermore, Shiba Inu’s lead developer, Shytoshi Kusama, has previously pointed out that burns alone cannot significantly impact SHIB’s price, thus emphasizing the importance of utility. The development of Shibarium also seeks to address this need.
Shiba Inu’s various projects launched throughout 2022, including the Shiba Eternity game and the SHIB metaverse, have stoked anticipation for the launch of Shibarium. Although the introduction of Shibarium was delayed for a variety of reasons, the recent progress of its testnet, Puppynet, has sparked renewed optimism. With over 30 million transactions processed since its launch on March 11, and with the number of wallet addresses exceeding 17 million, Puppynet signals the potential power of Shibarium.
As the SHIB community keenly awaits the mainnet launch, the question remains: will Shibarium’s implementation lead to a monthly burn of five trillion SHIB tokens? The pathway to this goal remains speculative, underscoring the unpredictable and exciting dynamics of the crypto world.
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