The Shiba Inu community is buzzing with excitement and displease as Shibburn announces a monthly burn of over 5.7 billion SHIB. While this height sparks discussion on Twitter, some crypto enthusiasts express skepticism about the significance of the burn. Shiba Inu trades slightly below the crucial support level of $0.000008, adding further weight to the ongoing debate.
Shibburn’s Monthly Result Spurs Mixed Reactions
Shibburn, the official Shiba Inu burn tracker, recently revealed the August burn results on X. The staggering figure of 5.7 billion SHIB worth $45,899 was incarcerated during the month.
Read Also: Estimating The Timeline for Shiba Inu to Attain $0.01 with Current SHIB Burn Rate
However, not all crypto enthusiasts are impressed with these numbers, voicing their discontent on Shibburn’s X thread. The Homeless Millionaire, a prominent crypto aficionado, expressed the opinion that daily burns need to reach around 620+ billion $SHIB coins for two consecutive years and achieve a $1 trillion market cap to fulfill Shiba Inu’s dream of reaching one cent.
Members like SHIBCINERATOR expressed frustration, claiming that the burn was insufficient, stating, “Those are joke numbers— not even 0.000001% of what needs to be burned.” Another member added, “This is far from what was expected, and there is a significant gap.”
This is completely different from what was expected, and the gap is huge.
— 刘星 (@bitedawang) September 1, 2023
Shibarium’s Impact on Burn Rate
Despite the criticisms, August’s Shibburn statistics show improvement compared to the previous month. In July, 2.09 billion $SHIB tokens were destroyed in 412 transactions, a significant decrease of 3.6 billion tokens compared to August. Additionally, August witnessed a total of 763 burn transactions.
August also marked the official launch of Shibarium, the highly anticipated Layer-2 scaling solution. This unmet expectation of burn volume may have contributed to the frustrations expressed on Twitter, as the SHIB Army previously projected a monthly burn threshold of 5 trillion SHIB tokens after Shibarium L2’s release.
Read Also: 5 Trillion Monthly Burns Target: Shiba Inu Team Reveals How Shibarium Will Boost SHIB Burns
However, a stronger acceleration in Shiba Inu’s burn rate may occur once Shibburn fully transitions to the Shibarium L2 mainnet, as planned by the developers. This transition involves moving the ShibaSwap DEX to the Shibarium mainnet, where the required $BONE tokens for burning swaps will be accumulated.
Shibarium Mainnet Growth and DeFi Protocols
Shibarium’s mainnet is experiencing rapid growth, with over 705,123 transactions completed within a week since the public relaunch. Additionally, Shibarium’s DeFi protocols recently reached $1.44 million in total value locked (TVL), with DogSwap taking the lead at $797,702.
#Shibarium Main Net
💻https://t.co/xU4G8KDGmMGas tracker➡︎1.5 Gwei
Daily Transactions➡︎93,315Average block time➡︎5.0 seconds
Total transactions➡︎705,123
Total blocks➡︎401,227
Wallet addresses➡︎634,496It is growing at a very impressive rate!😍🔥🔥🔥 pic.twitter.com/6Ae0QFjjni
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) September 1, 2023
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