Shibarium’s official Twitter handle, Shibarium Network, posted another update on Saturday regarding the beta launch expected to take place in early 2023. In the latest update, the Shiba Inu ecosystem officially announces that every Shibarium transaction will burn SHIB. Here are the details…
Significant development for the Shiba Inu ecosystem: Shibarium will support SHIB burns
Shibarium Network announced in a tweet on January 6 that every transaction on the Shibarium Layer 2 Blockchain will burn more SHIB tokens. cryptocoin.com As we reported, the Shiba Inu community has responded positively to the latest update as burning SHIB tokens has been a primary focus for the community. In its most recent tweet, Shibarium used the following statements:
While in our last post we wanted to remind everyone that BONE serves as the gas token required for Shibarium interoperability, we now also want to officially announce that every Shibarium transaction will burn SHIB.
It also announced that the launch of Shibarium is almost imminent, as the developers are “currently focused on delivery.” He asked users to follow the announcements from the official portals to stay up to date with additional information about the beta launch. So far, the community has burned more than 40 percent of SHIB tokens from the 1 quadrillion initial supply. The community aims to increase the burn rate to reduce circulating supply and raise SHIB prices. With the launch of Shibarium, the community will be able to increase the burn rate.
5 million SHIB burned in the last 24 hours
According to Shiba Inu burning tracker Shibburn, a total of 5,000,224 SHIBs have been burned in the last 24 hours to reduce the token supply. Only 4 transactions contributed to the burn, as investors accumulated more SHIB tokens amid Shibarium launch speculation. Previously, Shibarium Network confirmed that BONE will remain the only token chosen for gas fees and usage.
Therefore, no other tokens will be required for it to work within the ecosystem. It caused the BONE price to rally over 20 percent in one day and surge to $1.15. Shiba Inu (SHIB) price is currently trading at $0.000008482, up 2% in the last 24 hours. Meanwhile, the BONE price is up 1 percent from a low of $1.03 in the past 24 hours. The price is currently trading at $1.09.
SHIB is listed on one more exchange
In other news, TeraExchange, a centralized crypto exchange, announced today that it has listed Shiba Inu (SHIB). The popular cryptocurrency will be available for trading with the Tether (USDT) pair. This marks TeraExchange’s first foray into the meme-coin world. TeraExchange is one of the projects in the Terareum ecosystem, which also includes Terareum Blockchain, Terapay and Terapool. Since taking the cryptocurrency world by storm in 2021, SHIB has been listed on numerous cryptocurrency trading platforms.
The SHIB/USDT pair on Binance remains the largest pair with a trading volume of $30.5 million. Meme coin remains the 16th largest cryptocurrency by market cap, with a valuation of roughly $4.5 billion. The imminent launch of Shibarium could be a major catalyst for the altcoin.