SNEAK PEEK
- Shiba Inu’s Shibarium will be responsible for the burning of SHIB tokens.
- The community has reacted positively to this news.
- A total of 5,000,224 SHIB tokens were burnt in a span of 24 hours.
According to the most recent announcement made by the official Shibarium Network Twitter account on Saturday 7th, Shiba Inu’s Shibarium will be responsible for the burning of SHIB tokens. According to the most recent publication, SHIB will be used by each transaction that takes place on the protocol.
Shibarium Update ?
— Shibarium Network (@ShibariumNet) January 7, 2023
While on our last post we wanted to remind everyone that BONE ? serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each #Shibarium transaction will burn ? SHIB.
1/2 ? pic.twitter.com/zQRoOuL9oW
Unexpectedly, the community has reacted positively to this news. This is due to the fact that decreasing the original SHIB supply of 1 quadrillion has become a central focus and unifying goal throughout the community.
In the event that there is a rise in demand, this development may in the future make SHIB tokens held by holders more valuable. Up to this point, the community has used more over forty percent of the one quadrillion SHIB tokens that were initially available.
The goal of the community is to increase the burn rate in order to reduce the amount of SHIB that is circulating in the market and drive prices higher. When Shibarium is finally released, the community will have the ability to speed up the burn rate.
According to the Shiba Inu burn tracker Shibburn, a total of 5,000,224 SHIB tokens were burnt during the course of the previous twenty-four hours to lower the available quantity of SHIB tokens. Because investors are stockpiling more SHIB tokens in anticipation of the Shibarium launch, there were only four transactions that contributed to the burn.
In a similar vein, Shibarium Network has stated that BONE would continue to be the sole token chosen for usage and payment of gas costs. As a result, no additional tokens of any kind will be needed in order to conduct operations inside the ecosystem. It resulted in the price of BONE climbing by more than 20% in a single day and reaching a high of $1.15 according to Coinmarketcap.