Shiba Inu burning remains a hot topic among the SHIB community, who may see burns skyrocket into the trillions.
Queenie projected that, with just some small transaction fees, these Shiba projects could destroy 111 trillion SHIB each year. Here’s how.
Shiba Inu Could Burn Trillions
According to Queenie, if the future version of ShibaSwap implemented a 1% transaction fee for SHIB burns, then with a total trading volume of $10bn (or 370 trillion SHIB at current prices), it could burn 3.7 trillion SHIB each month. From this 1%, it would send a hypothetical 44 trillion SHIB to the dead wallet each year.
If this 1% transaction fee on ShibaSwap then stacks with the launch of Shibarium, it would add another 1% transaction fee for burning when using the Layer-2. This would mean the burnt SHIB would then double to 88 trillion SHIB each year.
Queenie then also anticipated that through DApps on Shibarium, with an additional $5bn trading volume outside of ShibaSwap, the surrounding ecosystem could burn an additional 22 trillion SHIB in 12 months. In total, this would make 111 trillion SHIB.
Of course, this does not include several other burning proposals. Queenie also projected the Shiba Inu Lands renaming could burn nearly 400 billion SHIB. Meanwhile, community burns and other Shiba ecosystem burns, through the likes of the burn portal, will contribute to the total.
With a circulating supply of 549 trillion SHIB, this would see the supply decrease by 20% each year. The new monthly rate of 9.25 trillion would also be an increase of 154000% on March’s 6 billion SHIB burned.
The Shiba team has confirmed that all future projects in the ecosystem would contribute towards the burn. However, they did not state this would be through 1% transaction fees. While a 1% fee is feasible, this will remain - as Queenie stressed - a hypothesis, until the full details come out.