In May, the Shibburn network, which tracks SHIB burn transactions and regularly destroys meme currencies, has recorded almost 31 billion Shiba Inu trapped in unspendable wallets.
SHIB deleted in the billions
Over the last seven days, a total of 31,059,157,423 canine tokens with 1,331 transactions. and out of the circulating supply, according to Shibburn.
🔥🔥🔥🔥 31,059,157,423 $SHIB tokens have been burned in the month of May with 1,331 transactions. #shibarmy
— Shibburn (@shibburn) June 1, 2022
So, when may we expect to witness the effects of Shiba Inu burning? The broader crypto market must first experience a period of relative stability. It’s debatable how long that interval would have to last. Best guess is that at least two or three months will suffice.
Burning at high levels for an extended period of time would also be required. It shouldn’t be too difficult to meet this requirement. Holders of SHIB tokens who burn them on ShibaSwap can get prizes. A burn mechanism will be included in the Shibarium layer-2 solution’s impending rollout, which could improve burning levels.
