Fans and users expect Shiba Inu’s (SHIB) Shibarium layer-2 network to amp up token burns. Several proponents have mapped out or shared hypothetical scenarios where Shibarium can burn up to 111 trillion tokens on a yearly basis. Burning SHIB and reducing its circulating supply is one way of pushing the asset’s price.
However, another SHIB proponent has now shared an estimation for Shibarium’s SHIB burns. The Twitter handle “SHIB BPP,” said that Shiba Inu’s Shibarium network will be impressive if it can burn 500 billion SHIB tokens every year. The calculation was based on current BONE and SHIB prices, including the number of transactions of the top Layer-2 network in the last 30 days.
Will burning 500 billion tokens yearly push Shiba Inu to $1?
It should be noted that 500 billion tokens yearly are far lesser than the previous estimates of 111 trillion. The previous estimations were made by keeping in mind burns conducted in SHIB’s metaverse, ShibaSwap, and Shibarium. If Shibarium burns 500 billion SHIB tokens a year, it would take the project 100 years to burn 5% of the overall supply. Additionally, it would take 1000 years to burn 50% of the supply. Going by that pace, SHIB would take decades, or even centuries to reach its goal.
However, these calculations are only hypothetical and the SHIB team has not announced any official number in regard to burns. Although the beta test net has proven to be very successful, we still do not know what the burn rate will be when the mainnet goes live.
Furthermore, the Shiba Inu (SHIB) team has still not given an exact launch date for the upcoming network. However, SHIB lead developer, Shytoshi Kusama did say that the network could debut in about two to four months. At press time, SHIB was trading at $0.00001040, down by 0.3% in the last 24 hours.