One of the Shiba Inu team members shared the details of the upcoming burn portal, detailing how the portal could remove 111 trillion tokens annually from SHIB’s circulating supply.
shiba inu (SHIB), one of the team members of the popular meme cryptocurrency has detailed how much of the cryptocurrency can be burned annually.
Queenie, a Shiba Inu Discord moderator, said in a post on Twitter that “if everything goes as planned”, about 111 trillion units of SHIB could be burned from the total supply of the dog-themed cryptocurrency each year.
Anyone can run hypotheticals from current data 🙂
I did this just now: pic.twitter.com/iSeKJeB9V9— SHIBQueenie (@SHIBQueenie) March 31, 2022
Combustion Metrics
Queenie pointed out that although Shibarium, a Layer-2 technology, and ShibaSwap 2.0, the project’s decentralized exchange, are used to burn 1% of SHIB transaction fees, the project could burn trillions of Shiba Inu tokens each year.
If a 1% transaction fee burn is applied in ShibaSwap 2.0 and the decentralized exchange completes a total trading volume of $10 billion per month, 3.7 trillion Shiba Inu tokens will be burned each month, up to a total of 44 trillion SHIB in one year. He announced his burning plans, saying that he would reach
In addition, if the same metric is applied in Shibarium L2 technology, the amount can be doubled and the amount of incineration can be increased to 88 trillion per year.
Positive Expectations
In addition, Queenie, thanks to the addition of the burning coins burned by the burning portal, to the burning frenzy that is currently available and is happening frequently by the community; He stated that the amount of annual SHIB incinerations could reach 111 trillion SHIB even in “a year where the least burning takes place”.
If Queenie’s analysis materializes, 20 percent of the Shiba Inu’s circulating supply of 549 trillion could be removed from circulation forever.
Shiba Inu burning calls
It’s also worth noting that this move comes after the community of Shiba Inu, the world’s second largest meme cryptocurrency, urged developers to introduce a burning mechanism that would reduce SHIB’s total supply by a quadrillion.
The community believes that this move will increase the value of memecoin up to around $0.01. After several calls from backers, the Shiba Inu team announced earlier this year that it will launch a later burn portal for the cryptocurrency later in the year.
However, the developers did not provide further details about the upcoming venture, leaving the crypto community with their wild guesses.
It’s also worth noting that the team has already started testing the SHIB incineration portal.
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