Shibburn, the number one burn tracker of Shiba Inu, has revealed some statistics regarding the SHIB burn campaign, particularly the accumulation of BONE. This exposes the unrealistic capacity of Shibarium‘s SHIB burn.
According to the shared tweet, Shibburn admitted that their previous estimate for accumulated BONE tokens, although not precise, was close to the actual value calculated using average price data.
Furthermore, a significant development occurred when Shibburn reestimated the blocks of the previous week. Quoting from the tweet, it stated that significantly higher gas fees were recorded in transactions, particularly between September 12th and 13th.
Shibburn mentioned the following in the tweet:
During this period, in some transactions where 60% to 70% of the 20,000,000 gas limit was used, gas fees were considerably high, especially in transactions made on September 12th and 13th.
Shibburn highlighted the possible reasons for the inconsistencies in the recorded values, drawing attention to the inconsistency in gas costs. Despite the disparity in transaction fees, Shibburn also clarified that the calculations include every possible transaction in the blockchain.
Shibburn further explained:
If these fees are inconsistent, the average adjustment for “necessary transactions” may not change significantly. In this calculation, all transactions that have paid relatively lower gas fees are taken into account, resulting in a higher estimate.
According to the data obtained from Shibburn’s official watcher website on September 23rd, the accumulated BONE tokens in Shibarium were valued at $0.512013000539 and $0.401190858650.
The above figure reflects a significant increase from the previously estimated 0.0000089902 BONE token. It is worth noting that the above figure represents the BONE assets accumulated by the Shibarium blockchain for burning SHIB.
In addition, the watcher website revealed that Shibarium would need to complete approximately 5,386,218,017,637,552 (5.39 quadrillion) transactions to accumulate only $25,000 for the Shiba Inu burn project. If we question Shibarium’s SHIB burn capacity, $25,000 may be enough to burn only about 3.4 billion SHIB tokens.
In addition to all of this, data obtained from Shibariumscan.io at the time of writing indicates a daily transaction of $38,450 in Shibarium Explorer. If these numbers remain relatively stable, it is stated that it would take 140,083,693,567 (140 billion) days to complete the initial burn transaction.
140 billion days roughly translates to 384 million years. This can be considered an unrealistic timeframe required to achieve a significant burn rate and reflects how much the scaling solution network needs to grow to upgrade the burning project.