How $1.3M worth of Shiba Inu could be burned every month

Sahana Kiran
Shiba inu
Source – Unsplash

The Shiba Inu [SHIB] network attained immense popularity over the last couple of years. While several shunned the asset as a mere meme cryptocurrency, a few others managed to encounter its true potential. This community-driven project scored major partnerships and deals which further boosted the confidence of its investors. Amidst all of this, Shib burns became increasingly popular. Since burning the asset wasn’t limited to the developers alone, the event emerged as a community venture.

Despite the extensive burns, the asset failed to witness a significant boost in its price. Therefore, the community has been urging these portals to spruce up the number of tokens that were being burned. Addressing the same, the founder of the prominent burn portal Shibburn, Alex pointed out how all burn portals had one goal which was to slash the supply of Shiba Inu.

However, he noted that there were means to bring out more potential in this activity. Alex further added,

“Can’t say for sure at the moment, but I think we’re able to burn a lot with Twitter Super Followers. I mean, if all of our followers ( which are all interested in burns) were to subscribe we could be seeing over 1.3 million dollars each month before taxes.”

Here’s how Shibarium is expected to influence SHIB burns

Shiba Inu’s layer 2 solution Shibarium has been in the works for quite some time now. More recently, Unification announced that Shibarium was prepping for its fourth alpha as well as public testnets. While the community awaits this launch to occur at the end of this quarter, Alex explained how Shibarium would impact the burning arena.

The founder of Shibburn noted that Shibarium would “tremendously” aid burns following its rollout. He stated,

“No one knows what percentage it will burn for each transaction, but even a small percentage will have a significant effect. In addition, I think it will encourage more people to purchase SHIB and maybe even participate in burn projects.”

He further pointed out how trading volume would surge following the launch of Shibarium. This update is expected to bring about a significant reduction in gas fees which would pave the way for more transactions as well as burns.

Additionally, over the last 24 hours, there were a total of 61,329,300 SHIB was sent to a dead wallet. The daily burn rate witnessed a nearly 40 percent surge.

Source: sh