The burning of 100M SHIB daily has been somewhat steady thus far in 2023, with the single burn transaction reaching nearly 150-million. And now those efforts have officially been reinforced by the cryptocurrency organization itself. Friday evening Shiba Inu token announced that the coming Shibarium, layer-2 technology, will actually burn $SHIB tokens.
“We also would now like to formally announce that each Shibarium transaction will burn SHIB,” tweeted the meme-coin brand.
How much Shib Will Shibarium Transactions Burn?
The actual number of tokens burned per settlement has not been revealed. However, this is goliath news for the race of burning Trillions of Shiba Inu coins to get the token’s value to US$0.05 or half a penny.
One must also understand what Shibarium is, to understand why this news is important.
The layer-2 technology was designed to increase transaction speeds, integrate Shiba Inu into crypto games, and build out an ecosystem that relies on the $SHIB token. It’s expected to give massive utility, that will encourage commercial use of the Dogecoin killer, across the world.
Shibarium Gas Fees Paid With Other Token
Every person wishing to make a transaction within the layer-2 ecosystem will need $BONE tokens for gas fees. It is one of the ‘Shib-trinity’ coins — $SHIB, $BONE, $LEASH.
Currently valued at US$1.11, the breaking news could pump the price of the coin before the weekend’s close.
$SHIB coin is currently at the price of US$0.00000855. It could also see a rise in value, possibly removing a zero by next week.
Both predictions could be canceled however if an official date or estimated release for Shibarium is not given.
“Please stay tuned for additional information and as we approach our beta launch,” is the only information tweeted about the release by Shibarium Network.
With Shiba Inu’s loyal following of hundreds-of-thousands of cryptocurrency enthusiasts and a growing GameFi culture, the total number of $SHIB taken out of circulation could explode. ith such a burn, the goal of eliminating half of the minted supply just became much easier. The theory of needing to burn 100-million tokens daily for 7000 years will cease to exist.
