KEY POINTS

  • Shiba Inu community has potential to burn over 111 trillion SHIB tokens in a year
  • This is possible through projects' availability and massive community effort
  • SHIB was trading up 0.53% at $0.00001319 as of 5:01 a.m. ET

Shytoshi Kusama, the pseudonymous lead developer of the dog-themed altcoin Shiba Inu has a massive plan for the burning mechanism of the community, which when realized could translate to more than 100 trillion SHIB burned per year.

Former Shiba Inu Growth member and crypto influencer who goes by the Twitter handle Gossip Shib shared on Twitter on Tuesday some screenshots of Kusama's previous statements in the Shiba Inu official Discord as well as on the micro-blogging site Twitter.

These statements underlined the lead developer's vision and the development team's commitment to improving the burning mechanism of the community.

In one of his statements, Kusama said, "ALL NEW PLATFORMS will have Shib burns," noting that the upcoming initiatives like ShibaSwap V2, Shibarium and Shibanet will have burning mechanisms.

The lead developer said Shiba Inu Games will not have a burning mechanism but clarified that "there is a reason for that."

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Shiba Inu Tokens Burned in Official Shib Burn Portal shibarmy.co/Shiba Army Official Website

Kusama reiterated this vision in January when they said, "I hope for consistent platforms and products that burn yearly.Recurring."

In another statement, they assured fans that they are sure "Shiberse and all things associated with it will welcome all of the burning community."

Shiba Inu's price skyrocketed over the past weeks but crashed on Aug. 19. To regain the profits it lost, the Shib Army intensified its effort to destroy more tokens, which is evident in the sharp increase in the burn rate this month.

On Monday, the burn rate recorded a whopping 500% boost with the help of three whales that burned millions of tokens. Two whales sent 46 million and 161 million SHIB tokens to a dead wallet while another one burned 17 million more.

In less than 24 hours, these whales destroyed 124 million SHIB tokens, ultimately removing them from the circulating supply.

But this burn rate does not include Kusama's vision yet since Shibarium and ShibaSwap v2 are not yet available. But SHIBQueenie, the official SHIB Discord channel moderator, speculated that if the lead developer's vision is materialized, the community, in a bad year, has the potential to burn around 111 trillion SHIB tokens.

A burning project developer who goes by the Twitter handle shibaburned shared on Tuesday the hypothetical burn potential of the Shiba Inu ecosystem. The computation considered the burning potential of ShibaSwap v2, Shibarium, and "Shib: The Metaverse."

The hypothesis, however, did not include the community burns and other burning initiatives, which have, so far, recorded billions of Shib tokens burned. It assumed that if all eligible lands were renamed once, it could destroy at least 356 billion SHIB in a year.

Interestingly, ShibaSwap v2 could send 44 trillion SHIB tokens to a dead wallet in a year based on the hypothetical computation while the upcoming layer-2 solution is projected to burn around 22 trillion in the same period.

Of course, this is only possible if the projects are already available and the community cooperates and commits to the effort.

"Massive burns will require a true community effort and we are working towards it on many levels. It Will take time and I hope the timing works out perfectly," Kusama said in July when a Twitter user mentioned the "need" for "some massive burns to pep up the army."

As of 5:01 a.m. ET, SHIB, the native token of the Shiba Inu ecosystem was trading up 0.53% at $0.00001319 with a 24-hour volume of $396,028,454 based on the latest data from CoinMarketCap.