Shiba Inu Community Reacts to Shibburn's Monthly Burn Results: Factors to Consider - COINTURK NEWS
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Shiba Inu Community Reacts to Shibburn’s Monthly Burn Results: Factors to Consider

11:05 pm (31 days ago)
September 1, 2023

Shiba Inu community has been stirred with excitement and dissatisfaction as Shibburn announced burning over 5.7 billion SHIB tokens in a month. While this height has sparked discussions on Twitter, some crypto enthusiasts express doubts about the significance of burning. Shiba Inu, trading just below the important support level of $0.000008, adds more weight to the ongoing debates.

Shibburn’s Monthly Results Lead to Mixed Reactions

The official Shiba Inu burn tracker, Shibburn, recently revealed the burning results for August. An astonishing amount of 5.7 billion SHIB tokens, worth $45,899, were permanently removed from circulation throughout the month. However, not all crypto enthusiasts were impressed by these numbers and voiced their dissatisfaction with Shibburn’s headline.

A prominent crypto enthusiast, known as The Homeless Millionaire, expressed the opinion that for Shiba Inu to achieve its dream of reaching $0.01, daily burns would need to reach approximately 620+ billion SHIB coins for two consecutive years and reach a $1 trillion market value.

Members like SHIBCINERATOR stated, “These numbers are ridiculous, and it’s not even 0.000001% of what needs to be burned.” Another member pointed out that there is a significant gap between these expectations and reality.

Shibarium and the Impact of Burns

Despite the criticisms, August statistics of Shibburn show an improvement compared to the previous month. In July, 2.09 billion SHIB tokens were burned in 412 transactions, while there was a significant decrease of 3.6 billion tokens in August. Additionally, a total of 763 burn transactions were conducted in August.

In August, the highly anticipated Layer-2 scaling solution, Shibarium, was also officially launched. Since the SHIB Army previously anticipated burning 5 trillion SHIB tokens monthly after the release of Shibarium L2, this unfulfilled burn volume expectation may have contributed to the expressed disappointments on Twitter.

However, when Shibarium L2 fully transitions to the mainnet as planned by the developers, Shiba Inu’s burning rate may experience stronger growth. This transition will involve moving the necessary BONE tokens for burning swaps to the Shibarium mainnet, where ShibaSwap DEX will accumulate them.

Since its public launch, Shibarium’s mainnet has experienced rapid growth with over 705,123 transactions completed within a week. Additionally, Shibarium’s DeFi protocols recently reached a total locked value (TVL) of $1.44 million.

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