Shiba Inu’s Shibarium to Help Burn 5 Trillion SHIB Every Month

• Shibarium, the upcoming L2 solution for Shiba Inu, aims to contribute to a projected 5 trillion monthly burn rate of SHIB tokens.
• While the burn rate is currently at 91.67 million tokens per day, Shibarium would need to increase it by 212,665% to reach the target.

Shiba Inu’s dream of achieving astronomical price rallies rests on various factors, with the burn rate playing a crucial role. To aid in these burns, Shibarium, an upcoming layer-2 solution, aims to contribute to a projected 5 trillion monthly burn rate.

Prominent Shiba Inu community influencer, SHIB Bezos, recently highlighted this projection in a tweet, drawing attention to the potential burn rate of 5 trillion SHIB tokens per month with the help of Shibarium. Many community members share the sentiment that 2023 will mark the beginning of a massive bull run for Shiba Inu, especially with the unveiling of Shibarium scheduled for the Blockchain Futurist Event in August.

$SHIB BREAKING NEWS

5 Trillion Monthly Burns Projected as Shiba Inu Team Unveils How Shibarium Will Increase SHIB Burns#Shibarium 🟰 $SHIB Millionaires

2023 Will Be The Start of $SHIB Epic Bull Run‼️

Retweet If U Think #Shibarium Will Push $SHIB To $1~$10‼️#SHIBARMYSTRONG pic.twitter.com/z0Xd9cvnc2

— SHIB Bezos (@BezosCrypto) July 17, 2023

However, achieving a significant price rally for SHIB would require a substantial increase in the burn rate. With Shiba Inu’s current circulating supply of 579.1 trillion tokens, it would take approximately five years to burn half of the asset’s supply if Shibarium were to burn 5 trillion tokens per month. While this is considered an impressive milestone by most community members, some remain unenthusiastic due to the time it would take to burn a significant portion of the circulating supply.

Currently, Shiba Inu’s burn rate stands at 91.67 million tokens daily, representing a 7,329% increase over the past 24 hours. If sustained, this translates to 2.75 billion tokens burned monthly and 33 billion annually. To reach the target of 5 trillion monthly tokens burned, SHIB’s burn rate would need to increase by 212,665%.

Shibarium is expected to play a vital role in expediting burns. The upcoming layer-2 solution will incinerate Shiba Inu tokens by utilizing 70% of its base transaction fee. However, the extent of Shibarium’s contribution to the burn campaign will depend largely on its adoption rate and the number of projects building on the network.

While the community got a sneak peek of the Shibarium burn interface two months ago, some proponents remain skeptical about the possibility of achieving a 5 trillion monthly token burn. Although it is highly unlikely to see Shibarium burn 5 trillion tokens a month, the possibility cannot be entirely dismissed.

Shiba Inu’s lead developer, Shytoshi Kusama, previously emphasized that burns alone cannot significantly impact the price of SHIB. Therefore, the introduction of utility, which Shibarium seeks to achieve, is also essential to drive the token’s value.

As Shiba Inu’s Shibarium Puppynet continues to make progress, processing over 30,000,000 transactions since its launch on March 11, anticipation for the mainnet launch grows within the community. The testnet has demonstrated impressive transaction processing capabilities, generating 1,730,420 blocks with an average block time of five seconds. Additionally, the number of wallet addresses has surpassed 17,062,137, indicating a growing user base.

While the specific timeline for the mainnet release of Shibarium has not been communicated by the SHIB development team, its introduction is expected to be a noteworthy achievement for the Shiba Inu ecosystem, potentially influencing the burn rate of SHIB tokens.

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