[ccpw id="39382"]

HomeCrypto NewsMarketShiba Inu Road to $1: Burning 111 Trillion SHIB Annually

Shiba Inu Road to $1: Burning 111 Trillion SHIB Annually


Written By:

According to a hypothetical burn computation, the Shiba Inu could burn 111 trillion SHIB every year with help from ShibaSwap, Shibarium, and virtual land renames.

Shiba Inu (SHIB) may have seen its most ambitious price forecasts yet, as a community member recently posited that the asset could rally to $1. The forecast was based on a hypothetical burn computation that put total burns yearly at 111 trillion SHIB tokens.

According to the pseudonymous SHIB proponent, this ambitious annual burn threshold could be reached with contributions from Shibarium, ShibaSwap, and Metaverse land renames. They made the computation based on a SHIB value of $0.000027.


Renaming Eligible Lands

SHIB: The Metaverse is opening up its shores for the community, with up to 96,288 plots eligible to be renamed. As is customary, renaming a land would cost $100 worth of SHIB, which will automatically be burned. At an average price of $0.000027, $100 results in 3.7 million SHIB.

Should 3.7 million SHIB be burned for every land renamed, renaming 96,288 plots of land would result in a burn of 356.6 billion SHIB burned. Recall that holders of the SHIBOSHIS NFTs renamed their tokens for $100 worth of SHIB last year.

ShibaSwap 2.0 Burns

The hypothetical computation also factored in the assumption that ShibaSwap could burn up to 1% of its transactional volume. The community expects the ShibaSwap 2.0 upgrade, which has been teased as a comprehensive DEX with many essential features. This should help attract more adoption and boost its volume.

If ShibaSwap attracts a monthly volume of $10 billion, that will amount to 370 trillion SHIB at a $0.000027 price. 1% of the monthly volume of 370 trillion SHIB is 3.7 trillion SHIB. If this is burned monthly, it will amount to 44.4 trillion Shiba Inu burned annually. A double increase in volume would result in 88 trillion SHIB burned a year.

Shibarium Burns

Shibarium, the L2 network for the Shiba Inu ecosystem, remains one of the most hyped projects within the community. The network is expected to expedite token burns by burning 70% of its base transaction fees.

The computation considered a $5 billion trading volume for Shibarium outside ShibaSwap. This would amount to 185 trillion SHIB a month. A speculated burn of 1% of Shibarium’s on-chain volume would result in 1.85 trillion SHIB burned monthly and 22.2 trillion a year.

The computations from each section amount to 111 trillion, which is purely hypothetical and mainly contingent on the adoption rate. SHIB is trading for $0.00001137 at the time of writing, up 5.94% in the past 24 hours.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author