Shiba Inu has recently announced the automation of its SHIB token burns, a move that is expected to result in the burning of over 100 trillion SHIB annually. This equates to approximately 9.25 trillion SHB each month, and by the end of 2024, it is projected that 20% of the overall supply will have been burned. This could potentially revolutionize the token’s price.
The automation of the token burns marks the end of manual burns, which were previously reliant on the official deployer wallet. The developers have assured the community that the automated burns will be more efficient and transparent, generating excitement among Shiba Inu supporters. According to one community member, the automated burns could eliminate more than 110 trillion tokens this year.
Since the start of the year, there have been 26 burns, which have collectively removed 62.5 million tokens, averaging 9 million tokens per burn. This figure is 33.4% lower than the average number and size of burns in December, despite commitments to make 2024 a year of significant burns. In December, Shiba Inu burned 34 billion SHIB tokens in 173 burn events, with over a billion tokens burned daily.
Despite a slow start, the Shiba ecosystem community members are optimistic. One member, known as “Web3Queenie”, predicts that Shubarium will burn 111 trillion “in a bad year”. Her calculations are based on the assumption that the Shiba Inu ecosystem only has $5 billion in trading volume, that the burn remains at 1% of volume, and that the price remains in the same range. She also anticipates that the burns on ShibaSwap 2.0 will reach at least 44 trillion each year.
The Shiba Inu community views the burns as crucial. The crypto project has a circulating supply of 589 trillion tokens, one of the highest in the market. For comparison, Bitcoin has a capped supply of 21 million tokens, and even this will take at least another 100 years to mine. If the price of SHIB is to reach the elusive $0.01 level, then the ecosystem must find a way to burn the tokens quickly. At a price of $0.01 and the current circulating supply, the total market cap would be just under $6 trillion, larger than any other company or asset in the world except for gold.
However, for the tokens to be burned, the Shiba Inu network, including its Shibarium L2 network, needs to increase usage and accumulate gas fees. Therefore, the success of Shiba Inu hinges on its ability to dispel the perception that it’s just a meme coin with no utility.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Shiba Inu, Maker, Bitcoin, BitTorrent, Aave, Monero |
| Currencies | Shiba Inu, Bitcoin, BitTorrent, Aave, Monero |
| Securities | None |
