Shibburn Estimates Shibarium Needs Over 5 Quadrillion Transactions to Burn $25k Shiba Inu

Shibarium has accumulated about $0.402089387772 BONE tokens for Shiba Inu burn, with the network aiming for $25,000 worth of BONE.

In a recent tweet, Shibburn, the prominent Shiba Inu burn tracker, provided insights into the ongoing efforts surrounding Shibarium’s SHIB burn contribution, especially in the area of BONE accumulation.

Shibburn disclosed that its previous estimate for accumulated BONE tokens on Shibarium for SHIB burn had been fairly accurate using average fee data. However, Shibburn noted a significant shift when its tracker recalculated blocks from the past week.

You may have noticed that our previous estimate on Shibarium wasn’t too far off based on the average fee at first, until yesterday when the tracker calculated blocks from last week. The transactions during that time, especially around September 12 and 13, had significantly higher… pic.twitter.com/MIrslUbo7r

— Shibburn (@shibburn) September 22, 2023

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Shibarium Accumulated BONE Tokens

According to Shibburn’s tracker, 0.512012928597 BONE token has been accumulated on Shibarium, a substantial leap from the earlier estimate of 0.0000089902.

Notably, the figure represents the amount of BONE the Shibarium blockchain has amassed from transactions to potentially burn Shiba Inu.

Shibburn mentioned that transactions around September 12 and 13 exhibited a noteworthy surge in gas fees. It stated that some transactions consumed as much as 60% to 70% of the total gas limit.

Given that the current accumulated BONE stands at 0.512012928597, worth $0.402089387772, the tracking page indicated that Shibarium needs 5,395,429,261,093,135 (over 5.39 quadrillion) transactions to reach $25,000 in BONE. With $25,000, Shibarium would burn 3,443,526,170 (over 3.4 billion) Shiba Inu.

Interestingly, Shibarium currently has a daily transaction count of 42.59K. If this count remains constant, the network would need 126,683,006,834 (126.6 billion) days to make its first burn transaction.  That’s over 347 thousand years. This metric indicates that the network requires more adoption to contribute effectively to burns.

However, Shibburn clarified that the figure was just an estimation. Besides, it noted that the average configuration for ‘transactions needed’ might not undergo substantial alterations if the gas fees continue to display inconsistency.

Additionally, Shibburn highlighted that the tracker’s calculations consider all transactions and most of them had been in lower gas fees. According to Shibburn, the lower fees contribute to the persistence of the higher estimate before Shibarium would significantly burn Shiba Inu.

It is worth mentioning that the estimated figures were based on data from 99.48% of the blocks on the Shibarium blockchain. Shibburn noted that it has been able to track the Shibarium network more accurately, given the recently deployed RPC node from NowNodes.

So far, Shibburn’s tracker has indexed 758,754 of the total 762,518 blocks, with the value updating each second.