Queenie details how the upcoming burn portal can remove 111 trillion SHIB from Shiba Inu’s circulating supply yearly.
Following the enthusiasm surrounding the need to burn a part of the supply of Shiba Inu (SHIB), a team member of the project has explained in detail how much of the cryptocurrency could be burnt yearly.
According to a Twitter post, Queenie, a Shiba Inu Discord moderator, about 111 trillion units of SHIB could be burnt out of the dog-themed cryptocurrency’s total supply yearly “if everything goes as planned.”
Anyone can run hypotheticals from current data 🙂
I did this just now: pic.twitter.com/iSeKJeB9V9
— SHIBQueenie (@SHIBQueenie) March 31, 2022
The Burn Metrics
Queenie noted that even though 1% of SHIB transaction fees burn is implemented on Shibarium, a Layer-2 technology, and ShibaSwap 2.0, the project’s decentralized exchange, the project could be burning trillions of Shiba Inu coins yearly.
Explaining in detail, she said if a 1% transaction fees burn is implemented on ShibaSwap 2.0, and the decentralized exchange completes a total of $10 billion worth of trading volume monthly, 3.7 trillion Shiba Inu coins will be burnt each month, bringing the total to 44 trillion SHIBs yearly.
Notably, the amount can be doubled to 88 trillion yearly if the same metric is implemented in Shibarium L2 technology.
Furthermore, Queenie stated that by adding the volume to the numerous community burns currently in existence, the importance of SHIB burns for the year could surge as high as 111 trillion SHIB “in a bad year.”
If Queenie’s analysis is realized, 20% of Shiba Inu’s 549 trillion circulating supply could be burnt forever.
Shiba Inu Burn Calls
Recall that the Shiba Inu community has been calling on the developers to introduce a burn mechanism that will ultimately reduce the total supply of SHIB by one quadrillion.
The community believes the move would boost the coin’s value to about $0.01. After several calls, the Shiba Inu team disclosed earlier this year that it would be introducing a burn portal for the cryptocurrency later.
However, the developers did not give further details of the upcoming initiative, leaving enthusiasts to make wild suggestions.
It is worth noting that the team has already commenced testing the SHIB burn portal.