- Shibburn records a 3.6 billion increase in blazed $SHIB set July.
- The official Shiba Inu burn tracker account gets lambasted on X.
- Shiba Inu trades slightly below the key support level of $0.000008.
In the early hours of September, the official Shiba Inu burning tracker announced the monthly burn results for August on X, previously known as Twitter. Shibburn smashed through the 5.7 billion mark in Shiba Inu (SHIB) tokens, equivalent to $45,899.
However, it doesn’t seem a lot to many unimpressed crypto enthusiasts posting remarks on Shibburn’s X thread. Crypto aficionado The Homeless Millionaire estimated: “Need to burn 620+ billion $SHIB “coins” per day (each day) for 2 years straight plus achieve a $1 trillion Market Cap”, assuming that the current burns are not nearly enough for Shiba Inu’s 1 cent dream.
SHIBCINERATOR furiously stated: “That’s not even 0.000001% of what needs to be burned, those are joke numbers”, while another member concluded: “This is completely different from what was expected, and the gap is huge.”
Shibburn UI on Shibarium to Speed Up Burns?
Despite the complaints, August’s Shibburn stats are nearly three times better than July’s. In comparison, 2.09 billion $SHIB tokens were destroyed in 412 transactions, as much as 3.6 billion fewer crypto tokens than in August. Besides, August has seen 763 burn transactions in total.
On top of that, August is going down in the history books as the official launch date of Shiba Inu’s Shibarium, the long-awaited Layer-2 mainnet. Crypto enthusiasts on X are likely frustrated by the unmet Shiba Inu burning expectations, as the SHIB Army previously projected a 5 trillion $SHIB burn monthly threshold after Shibarium L2’s launch.
A stronger acceleration of Shiba Inu’s burning technique might kick in once Shibburn is entirely moved onto Shibarium L2 mainnet, as the developers plan. Shibarium devs will likely switch ShibaSwap DEX to Shibarium mainnet to accumulate the $BONE required for the burning swap.
Meanwhile, Shibarium’s mainnet is growing quickly, with 705,123 transactions completed over a week since the public relaunch. This comes just a day after Shibarium’s DeFi protocols touched $1.44 million in total value locked (TVL), with DogSwap comfortably leading the dog race at $797,702.
On the Flipside
- The daily Shiba Inu (SHIB) burns could increase along with the towering number of DeFi protocols on Shibarium’s mainnet.
- MarsSwap, Blaze Token and the Swiss crypto cold wallet manufacturer Tangem have been among the top contributors to Shibburn in the last few months.
Why This Matters
Burning cryptocurrency is an effective way to maintain its market price.
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