Shiba Inu’s layer-2 solution Shibarium has officially burned 1 billion SHIB tokens, the latest data shows. Shibarium was launched on August 16, 2023, and it took the network 21 months to remove 1 billion tokens from circulation. The burns have surged by 4.38% in a week, indicating that the network is slowly yet steadily sending tokens to the dead wallet.
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SHIB: Shibarium Officially Burns 1 Billion Shiba Inu Tokens
At press time, a total of 1,080,162,480 Shiba Inu tokens were removed from circulation from the Shibarium network. However, while the number sounds too big, the overall amount of burning 1 billion SHIB tokens stands close to $15,000 only. That’s not a significant amount that can affect the token’s price and will not send it soaring in the charts.
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It is just a small number compared to the 549 trillion tokens currently in circulation in the market. Shibarium needs to become a non-stop Shiba Inu burning mill to remove trillions of tokens from circulation. The chances of that happening are relatively low as the network takes a small fee for transactions on the layer-2 blockchain.
Also, the 1 billion Shiba Inu tokens burned by Shibarium are only through the burn portal and exclude manual burns. The token needs to collect around 1,000 BONE tokens to initiate a new round of burns. One good sign about the portal is that the burns never stop, but keep running every hour of the year.
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The only drawback about this is that the scale of the burns is meager. Shibarium is unable to burn trillions of Shiba Inu tokens, and send its price skyrocketing in the indices. It could take years or even decades for that to happen. The chances of that never happening are also on the table, as removing 549 trillion tokens is a herculean task.