Will Shibarium Burn 111 Trillion Shiba Inu Tokens Every Year?

Vinod Dsouza
shiba inu shibarium
Source: Pixabay

Shibarium documentation is expected to release next month and investors are eager to see what’s in store for the layer-2 network. Reports state that Shibarium might integrate an in-built burn portal that will constantly remove Shiba Inu tokens out of circulation. Shibarium might charge a nominal transaction fee for gas and use the fee to ‘burn’ SHIB tokens and reduce its supply.

In addition, Shiba Inu’s Discord moderator Queenie revealed a hypothetical estimation earlier this year that the burn portal could remove 111 trillion SHIB tokens out of circulation each year.

You can read Queenie’s hypothetical calculation about the burn portal here for more details. She estimates that the burn portal will be a game changer that could make Shiba Inu head towards $0.01.

Also Read: Shytoshi Hints Shibarium Could Be Released Soon

Will Shibarium Burn Trillions of Tokens Every Year?

What is Shiba Inu Shibarium
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Since Queenie’s hypothetical estimations were out, investors believe that the team is working towards ‘burning’ Shiba Inu tokens with Shibarium. So will Shibarium really burn trillions of SHIB tokens each year and remove them out of circulation? Well, the answer is no.

No one from the Shiba Inu team has confirmed that Shibarium will ‘burn’ tokens, let alone ‘burn’ trillions each year. The lead developer of ShibaSwap, Shytoshi Kusama has also not forecasted such a ‘burn’ event might take place with Shibarium.

Also Read: An $8,000 Shiba Inu Investment Amassed $5.7 Billion in 400 Days

The team has been tight-lipped about Shibarium features and has kept all developments under wraps. Unification, the firm that’s building Shibarium layer-2 solution has not confirmed that the network will be ‘burning’ tokens either.

Therefore, there’s no guarantee that Shibarium will burn trillions of SHIB tokens each year through its integrated ‘burn’ portal.

The only thing that can shed light on Shibarium features is when the public beta testnet is released next month. The launch will showcase its features and give a glimpse of what the L2 blockchain is really capable of doing. Until then, there is no confirmation.

Also Read: What will you do if Shiba Inu reaches $0.01?

At press time, Shiba Inu was trading at $0.00001197 and is down 3.1% in the 24 hours day trade. The altcoin is also down 86.1% from its all-time high of $0.00008616.