- Shibburn relaunched the $SHIB burning estimate demo page.
- Shiba Inu (SHIB) trades below the crucial support at $0.000008.
- Gas token $BONE dipped below $1 for the first time since July.
The official Shiba Inu cryptocurrency burning tracker Shibburn has restarted its demo page, which is meant to calculate the $SHIB burns across Shibarium L2 mainnet and provide a more comprehensive formula of SHIB market price calculations, directly influenced by burns by the community and the developers.
Shibburn Measures Shibarium’s Burning Potential
Currently, the Shibburn initial burn estimate page has two demos, which explain the market swap process between $BONE and $SHIB and how many transactions are needed to reach the threshold of $25,000. For instance, the first demo page uses 70% of the average base fee and the current value of $BONE as the starting block of this calculation.
At press time, Shibarium’s gas fee token Bone ShibaSwap (BONE) trades at $0.949, according to CoinGecko. Shibburn’s demo burn estimate page calculated that 128,468,654 transactions would be needed on the mainnet network to pass the $25,000 burning threshold.
The demo page provides a calculation based on the total number of transactions recorded on the network so far, which stood at 1,382,299 when the page was published. Besides, Shibburn broke down the metrics by converting Gwei to $BONE and multiplying the gas fees by gas usage, taking 500000 as the reference number for this calculation.
On the Flipside
- The calculation by Shibburn is only approximate and could drastically change due to fluctuating average gas usage and the fluctuating price of $BONE.
Why This Matters
Cryptocurrency burning is an effective method to maintain a coin’s price over time.
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