The lead developer of ShibaSwap, Shytoshi Kusama confirmed in a tweet on Wednesday that Shibarium Public Beta “will be launching this week”.
Also Read: Shiba Inu: How Much ‘Percent’ Must SHIB Rise To Reach $0.01?
Now that the Beta will be out this week, let’s take a walk down memory lane when SHIB’s Discord moderator Queenie hypothetically tweeted an estimation in March last year that Shibarium could ‘burn’ 111 trillion tokens each year.
Shibarium might have an in-built ‘burn portal’ that could remove tokens out of circulation. The team confirmed in early January that each transaction initiated on Shibarium will ‘burn’ SHIB.
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Moreover, if Shibarium manages to remove trillions of tokens each year, the $0.01 milestone could be nearer than previously thought.
Also Read: Shiba Inu: How $3,000 Can Fetch You $2.5 Million if SHIB Hits $0.01
Shiba Inu: Will Shibarium Burn 111 Trillion Tokens Each Year?
Queenie, the SHIB Discord moderator ran a hypothetical data in March 2022 on how many ‘burns’ might take place. She hypothetically forecasted that around 111 trillion SHIB tokens could be burned every year if things go as planned.
That’s an overall 20% of the entire Shiba Inu tokens in circulation at present. SHIB has a total circulating supply of 549 trillion tokens in the market.
Queenie hypothetically projected on Twitter that even a basic 1% transaction fee for SHIB ‘burns’ on Shibarium and ShibaSwap 2.0, could collectively burn trillions of tokens each year.
Below is Queenie’s hypothetical explanation of SHIB ‘burns’ in simple words.
If ShibaSwap 2.0 has a 1% transaction fee for SHIB burns, combined with its total trading volume, it could burn 3.7 trillion SHIB tokens each month. So calculating it for the whole year, around 44.4 trillion tokens could be out of circulation, according to Queenie’s hypothetical estimates.
If 1% fee on ShibaSwap 2.0 gets stacked with Shibarium, the burns could nearly double. As per Queenie’s hypothetical calculations, SHIB might see 111 trillion tokens burned each year when the in-built burn portal is launched.
Nonetheless, this is a hypothetical estimation only and is not confirmed or endorsed by the Shiba Inu team. The Shibarium L2 network is yet to be launched to fully gauge and understand its burning capabilities through transaction fees.
However, we will have to wait and watch for an official confirmation on how many tokens could the in-built burn portal remove each year.
At press time, Shiba Inu was trading at $0.00001092 and is down 3% in the 24-hours day trade. SHIB is also down 87.30% from its all-time high of $0.00008616 which it reached in October 2021.
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