Shibburn, the Shiba Inu burn tracker, has revealed some statistics about the SHIB incineration campaign, particularly concerning BONE accumulation. This unveils the unrealistic Shibarium’s SHIB burn capacity.
According to the tweet, Shibburn admitted that its former estimate for accumulated BONE tokens, despite not being precise, was close to the actual value retrieved when calculated via average fee data.
Intriguingly, there was a glaring significant shift when the tracker re-estimated blocks from the previous week. An extract from the tweet noted that the transactions in the past week, particularly between September 12 and 13, recorded grossly higher gas charges.
Shibburn tweeted, “The transactions during that time, especially around September 12 and 13, had significantly higher gas fees, with some using 60% to 70% of the gas limit of 20,000,000.”
Highlighting what might have elicited the discrepancies in values recorded, Shibburn noted the gas cost inconsistency, remarking that most fees paid were relatively lower.
Shibburn stated that the calculations included every possible dealing on the blockchain despite the disparity in transaction charges.
Shibburn noted, “The average setting for ‘transactions needed’ may not change significantly if these fees are inconsistent. This calculation considers all transactions, with a majority having paid lower gas fees, which is why the estimate remains high.”
You may have noticed that our previous estimate on Shibarium wasn't too far off based on the average fee at first, until yesterday when the tracker calculated blocks from last week. The transactions during that time, especially around September 12 and 13, had significantly higher… pic.twitter.com/MIrslUbo7r— Shibburn (@shibburn) September 22, 2023
Shibarium’s SHIB Burn Capacity: Does It Worth the Hype?
Data retrieved from the Shibburn official tracker website on September 23 revealed the accumulated BONE tokens on Shibarium to be 0.512013000539 and valued at $0.401190858650.
The figure above indicates a significant increment from the earlier projected 0.0000089902 BONE tokens estimate. It is worth mentioning that the figure above represents the BONE holdings the Shibarium blockchain has accumulated to burn SHIB.
In addition, the tracker website revealed that Shibarium must complete an estimated 5,386,218,017,637,552 (5.39 quadrillion) transactions to accumulate just $25,000 for the Shiba Inu burn project. Notably, $25,000 would only be sufficient to burn approximately 3.4 billion SHIB coins, questioning the Shibarium’s SHIB burn capacity.
Shibarium Explorer’s Latest Statistics And Implications
Meanwhile, at the time of writing, data retrieved from Shibariumscan.io revealed the daily transaction on Shibarium Explorer to be 38.45k. Should this figure remain relatively constant, it implies that 140,083,693,567 (140 billion) days are needed to complete the first burn transaction.
140 billion days are roughly 384 million years. this is an unrealistic period required to achieve a significant incineration rate, reflecting how much the scaling solution network needs to grow in its adoption to upscale its burn project.