Shibarium’s official Twitter handle Shibarium Network on Saturday dropped another update regarding the beta launch expected to happen in early 2023. In the latest update, the Shiba Inu ecosystem formally announces that each Shibarium transaction will burn SHIB.
Shibarium Layer-2 Blockchain Solution Coming Soon
Shibarium Network in a tweet on January 6 announced that each transaction on the Shibarium Layer 2 blockchain will burn more SHIB tokens. The Shiba Inu community reacted positively to the latest update as burning SHIB tokens has been another primary focus for the community.
“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”
It also announced that the Shibarium launch is almost near as the developers “are focused on delivery at this time.” It asked users to follow announcements from official portals to stay updated with additional information about the beta launch.
Until now, the community has burned over 40% SHIB tokens from the initial supply of 1 quadrillion. The community aims to boost the burn rate to decrease the circulating supply and push up SHIB prices. With the launch of Shibarium, the community will be able to boost the burn rate.
In the last 24 hours, a total of 5,000,224 SHIB tokens were burned to reduce the supply of SHIB tokens, as per Shiba Inu burn tracker Shibburn. Only 4 transactions contributed to the burn as investors accumulate more SHIB tokens amid the Shibarium launch speculation.
Earlier, Shibarium Network confirmed that BONE will remain the only token selected for gas fees and use. Therefore, no other tokens will be required to operate within the ecosystem. It caused the BONE price to rally over 20% in a day and a high of $1.15.
Shiba Inu (SHIB) price is currently trading at $0.000008482, up 2% in the last 24 hours. Meanwhile, the BONE price has soared 1% in the last 24 hours from a low of $1.03. The price is currently trading at $1.09.
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