Shiba Inu's soon-to-be-launched Shib Burn portal focuses on how many SHIB tokens the system can burn per year based on hypothetical burning potential calculations.
According to the information shared by the manager of Shiba Inu's official Discord account, he details how the burn portal, which is planned to be launched soon, can pull 111 trillion SHIB annually from the circulating supply of the Shiba Inu.
In recent days, the Shiba community has been heavily demanding increased burning activities to reduce the supply of SHIB tokens. Details about the burning of the popular altcoin shared by a member of the project reveal details about how many tokens can be burned annually with Shib Burn.
In the shared details regarding Shib burn, he noted that although 1 percent of SHIB transaction fees are received on Shibarium, a Layer-2 solution, and on the project's decentralized exchange, ShibaSwap 2.0, the project could burn trillions of Shiba Inu tokens per year. According to the statement, if a 1% transaction fee is burned in ShibaSwap 2.0 and the decentralized exchange realizes a total monthly trading volume of 10 billion dollars, it is estimated that 3.7 trillion Shiba Inu tokens will be burned every month and 44 trillion SHIB tokens will be burned annually. Specifically, if the same metric is applied to the Shibarium L2 tier, the amount could double to reach 88 trillion tokens per year.
The Shiba Inu member stated that in addition to this calculation, there is a community that carries out many burning activities at the moment. However, Twitter user SHIBQueenie claims that at least 111 trillion SHIB per year can be burned and removed from circulation if the burning volumes of the communities are added.
The realization of these calculations would mean that 20% of the Shiba Inu's current 549 trillion circulating supply is burnt out of circulation. The Shiba Inu community has recently been requesting that developers create a burn mechanism that would reduce SHIB's total supply by a quadrillion.
The community believes that the creation of this burn mechanism will push the crypto asset price to around $0.01. Shiba Inu developers announced earlier in the year that they would create a burning portal. The lack of detailed information about the portal, which is expected to be opened soon, causes the society to make suggestions that reach astronomical figures.