The Shiba Inu community is excited to see the completion of the project’s first-ever SHIB burn using Shibarium. This significant milestone has sparked intriguing discussions about the future of SHIB and the potential for massive token burns.
The first Shibarium-powered burn destroyed 8.24 billion SHIB, valued at $75,412 at the time of the transaction. This burn comes on the heels of a remarkable surge in Shibarium’s daily transaction volume, which has surpassed 5 million since December 1st.
8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs
— Vet KUSAMA ™ (@vetkusama) December 4, 2023
Read Also: Shiba Inu Lead Developer Addresses Concerns Regarding SHIB Burn
Notably, the network experienced a peak of 7.84 million transactions on December 3rd, just before the burn event.
Significance of the First Shibarium-Powered Burn
The significance of this burn lies not just in its size but also in its timing. The team had originally planned to accumulate $25,000 worth of BONE in transaction fees before triggering the first Shibarium-powered burn.
However, the surge in transaction volume pushed the network past this threshold sooner than expected, demonstrating the growing adoption of Shibarium.
Shibarium’s Role in Future Burns
The Shiba Inu team sees Shibarium as a crucial driver of future SHIB burns. As transaction volume continues to increase on the network, more BONE tokens are utilized as gas fees for the SRC-20 minting process. While transaction fees currently remain negligible, they contribute to accumulating funds for SHIB burns.
🚀 𝐈𝐌𝐏𝐎𝐑𝐓𝐀𝐍𝐓 𝐔𝐏𝐃𝐀𝐓𝐄 Click here ⬇️ https://t.co/I5yUQoxWYN to explore the surge in transactions, now over 38m, due to SRC-20 minting. Thousands of $BONE spent, moving us closer to a massive $SHIB burn, all while keeping transaction fees low #Shibarium pic.twitter.com/r14wJyH77h
— Shib (@Shibtoken) December 5, 2023
The team’s commitment to burning SHIB tokens using Shibarium fees is outlined in the Shibarium document. Notably, 70% of these fees are allocated to repurchasing and burning SHIB, effectively reducing the circulating supply.
Read Also: Expert Proves: Demand Sent Shiba Inu Up 46,000,000%, Not Vitalik Buterin Whopping SHIB Burn
Potential Impact and Future Speculation
The burning mechanism employed by Shibarium is a crucial aspect of the project. By reducing the circulating supply of SHIB, the team aims to increase the value of the remaining tokens. This approach is common in the cryptocurrency space, as several projects have implemented burn mechanisms to enhance the value proposition of their tokens.
In the case of SHIB, the potential impact of Shibarium-powered burns is significant. Experts have estimated that the network could facilitate the burning of anywhere between 5 trillion and 20 trillion SHIB tokens per month.
If these estimates prove accurate, it could lead to a substantial reduction in the circulating Shiba Inu (SHIB) supply, which would in turn boost its market value.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Positive Sign for the Project
Triggering the first Shibarium-powered SHIB burn is a positive sign. It demonstrates that the team is committed to implementing its burn strategy and that Shibarium is capable of supporting large-scale token burns.
This burn also marks a significant step forward for the Shiba Inu ecosystem. With Shibarium poised to drive further token burns, the future for SHIB appears promising. As the network continues to evolve, the potential for a massive burn event remains a burning question that only time will answer.
Follow us on Twitter, Facebook, Telegram, and Google News
