- Shibburn revives its demo page, showcasing potential Shiba Inu (SHIB) burns through Shibarium.
- Shibarium’s initial estimations suggest the need for 38M transactions to accumulate $25K in BONE.
Shibarium’s Burning Ambitions Unfolded
In a move that has been eagerly anticipated by Shiba Inu supporters, Shibburn has brought back its demo page which gives a sneak peek into potential burns of the Shiba Inu (SHIB) tokens using Shibarium. The initial version, purely an “estimate-only” page, was short-lived and got removed by the Shibburn crew. Yet, due to mounting interest, the team opted for its return, accentuating its presence as a mere demonstrative tool based on provisional calculations.
Shibburn, in their meticulous attempt, tried to encompass a variety of variables. They took into consideration the total transactions of Shibarium, applied 70% of the network’s average base fee, and the prevailing value of Bone ShibaSwap (BONE). However, the team was candid in urging users to view these numbers as tentative. The mutable nature of crypto metrics, such as bone’s price and block-by-block fee variations, play a crucial role in these estimations.
Okay guys, the page is available once again because some friends requested it, but please understand that this is just an estimate based on some of the numbers we have set. Use it as a demo and nothing more. Also, keep in mind that if Gwei or the price increases, everything else…
— Shibburn (@shibburn) September 7, 2023
Crunching the Numbers: Shibarium’s Burning Potential
To appreciate the enormity of the potential burns, one must dive deeper into Shibburn‘s methodology. The team initiated their burn estimates by converting Gwei (a fractional unit of Ethereum) into BONE. This was then amalgamated with gas usage stats, setting a reference at 500,000 for average gas utilization.
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The recent data paints an intriguing picture. Shibarium has reportedly achieved over 1.27 million total transactions, with a daily count of 82,409. In financial terms, 70% of Shibarium’s foundational fee is pegged at a minuscule $0.000651.
Drawing further insights from the live data, Shibburn’s analysis suggests that for Shibarium to gather $25,000 worth of its native gas token, it needs to facilitate roughly 38.4 million transactions, given the BONE’s current pricing at $0.9849.
A pivotal piece of information to retain is that a substantial 70% of Shibarium’s base charges will directly funnel into buying and incinerating SHIB tokens. The timeline for achieving this monumental task, based on 38M transactions, remains speculative.
On a side note, Shiba Inu’s promotional maven, Lucie, has pointed out several Shibarium offerings which could potentially sway enterprises towards embracing this Layer 2 (L2) blockchain. Should this materialize, the L2 blockchain might expediently process 60M+ transactions, accelerating the burning process.
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