Reduction of the total supply of Shiba Inu (SHIB) remains among the top priorities in the decentralized meme token community.
Per a hypothetical burn computation shared by Bezos Crypto, trillions of SHIB could be taken out of supply via the SHIB burn portal yearly. Based on the bullish analysis, an estimated 111,000,000,000,000 SHIB burns could be recorded by the meme token community annually.
According to a notable community member, this could be possible with the help of the top three projects in the Shiba Inu ecosystem — SHIB: The Metaverse, Shibaswap and Shibarium. More so, Bezos Crypto revealed how much SHIB could be destroyed courtesy of each of the three projects to get Shiba Inu’s price on the road to $1 and $10.
— SHIB Bezos (@BezosCrypto) April 3, 2023
SHIB Metaverse Projected Burns
BezosCrypto It bears noting that in the SHIB Metaverse ecosystem, Virtual Lands or Shiboshi can be renamed by owners. At the time of writing, renaming a virtual land in SHIB Metaverse costs $100 worth of Shiba Inu.
Therefore, the computation made an assumption based on the fact that all eligible Virtual Lands in SHIB: The Metabers were renamed once with SHIB price sitting at $0.000027. Notably, there are 96,288 renamable Virtual Lands in SHIB Metaverse.
Accordingly, 356,622,222,222 SHIB could be destroyed from SHIB Metaverse alone assuming the current cost of renaming Shiboshi remains at $100 worth of SHIB. Dividing the cost of renaming a Virtual Land by the assumed price of SHIB (100/0.000027) shows that a whopping 3,703,703 SHIB would be needed to rename a Shiboshi.
Multiplying the total number of SHIB needed for Shiboshi renaming (3,703,703 SHIB) with the total renamable Shiboshis (96,288) shows that 356,622,222,222 SHIB could be burned per year if all virtual lands on Shiba Inu Metaverse were renamed once. This means that more SHIB could be burned if renaming occurs more than once.
ShibaSwap 2.0 Burns
Shibaswap is a DEX in the Shiba Inu ecosystem that performs SHIB burn based on trade volume recorded on the decentralized exchange. With the anticipated upgrade to Shibaswap 2.0 to integrate more essential features, the adoption of the DEX could rise, resulting in an increased trade volume.
Assuming transactional burn is 1% on ShibaSwap and SHIB price is $0.000027, a $10,000,000,000 monthly trading volume would mean that approximately 370,000,000,000 SHIB was traded (10,000,000,000/0.000027).
Implementing the 1% Shibaswap transactional burn would result in 3.7 trillion SHIB being burned per month. Accordingly, in 12 months, 44.44 trillion SHIB would have been burned. In essence, the higher the trading volume on Shibaswap 2.0, the higher the number of Shiba Inu tokens that would be burned per year.
Shibarium Potential Burns
Assuming the upcoming Shiba Inu layer-2 scaling solution, Shibarium also implements a 1% transactional burn, the hyped project would equally help to expedite trillions of SHIB, depending on the transaction volume recorded per month.
Assuming Shibarium has only a $5,000,000,000 trading volume in one month and assuming a price of $0.000027, as much as 185,185,185,185,185 would have been traded in one month. 1% transactional burn would therefore result in 1,851,851,851,851 SHIB being taken out of supply per month and 22.2 trillion SHIB burned per year.
On the whole, BezosCrypto showed that SHIB supply could be reduced by more than 111 trillion in a year, considering other factors such as community burns and support from other projects aside from the three mentioned above.