The Shiba Inu [SHIB] network has grown in popularity over the last few years. While there have been several denials of being tagged as a meme coin, a few others discovered its real potential. This community-driven project received significant partnerships and deals, which increased the confidence of its investors. However, Shib burns became increasingly popular in the midst of all of this. Because the event was not limited to developers alone, it became a community endeavor.
Despite the massive burns, the asset’s price did not rise significantly. As a result, the community has urged these portals to increase the number of tokens burned. In response, Alex, the founder of the well-known burn portal Shibburn, stated that all burn portals had the same goal: to reduce the supply of Shiba Inu.
However, he noted that there were means to bring out more potential in this activity. Alex further added,
“Can’t say for sure at the moment, but I think we’re able to burn a lot with Twitter Super Followers. I mean, if all of our followers ( which are all interested in burns) were to subscribe we could be seeing over 1.3 million dollars each month before taxes.”
Shibarium Is Expected To Have An Impact On Shib Burns. Here Is How:
Layer 2 solution by Shiba Inu Shibarium has been in development for quite some time. Unification recently announced that Shibarium was preparing for its fourth alpha as well as public testnets. While the community waits for the launch, which is scheduled for the end of this quarter, Alex explains how Shibarium will affect the burning arena.
Shibarium, according to Shibburn’s founder, will “tremendously” aid burns after its release. As he put it,
“No one knows what percentage it will burn for each transaction, but even a small percentage will have a significant effect. In addition, I think it will encourage more people to purchase SHIB and maybe even participate in burn projects.”
He also mentioned how trading volume would increase following the release of Shibarium. This update is expected to result in a significant reduction in gas fees, paving the way for more transactions and burns.
Furthermore, a total of 61,329,300 SHIB was sent to a dead wallet in the last 24 hours. The daily burn rate increased by nearly 40 percent.