Shiba Inu’s Shibarium Renews Bullish Momentum For ‘$0.001 SHIB’ As Massive Token Burn Expected ⋆ ZyCrypto

Shiba Inu's Shibarium Renews Bullish Momentum For '$0.001 SHIB' As Massive Token Burn Expected

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Shiba Inu’s Asphyxiation Token Supply is about to take a massive cut once the highly anticipated Shibarium Network launches, a Saturday update by Shibarium’s official “Shibarium Network” Twitter account has revealed.

According to the post, any transaction on Shibarium will burn SHIB.

In our last post, we wanted to remind everyone that BONE serves as the required gas token for usability within Shibarium; we also now want to formally announce that any Shibarium transaction will burn SHIB,” read the announcement.

Burning refers to sending tokens to a dead wallet address to reduce the circulating supply. Since its launch in 2020, Shiba Inu, the world’s second largest meme cryptocurrency by market capitalization, has always been a problem for the community due to the sheer number of tokens available.

While nearly half of SHIB’s supply has already been destroyed, supporters continue to push for more burning tactics to reduce the remaining 589.6 trillion tokens. Theoretically, token burning is anchored in the fundamental economic principle that when supply exceeds demand for a good or service, prices fall and vice versa.

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The announcement comes after the team suggested that the Shibarium layer-2 protocol will be “launched soon.” In a series of tweets on Jan. 5, the developers thanked the Shiba community for “bringing so much energy and excitement” around the upcoming Shibarium Beta Network, which they noted would be a phased release.

The SHIB community was also warned not to fall for rumors that other tokens besides BONE would be needed to use Shibarium.

This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas cost and usage. No other tokens are needed to work within the protocol.”

According to the developers, Shibarium was developed for Shiba Inu and not for other projects claiming ownership or speculating dependence on the operation of other tokens.

In addition, they noted that the layer 2 protocol is community owned, adding that it would provide a strong foundation for innovation and growth for the Shiba Inu ecosystem. While the developers have yet to reveal a soft date for the protocol’s launch, rumors suggest it could happen in the first quarter of 2023.

Meanwhile, the Shiba Inu community is buzzing with excitement over the prospects of the launch that would be a boon to the ecosystem’s tokens. According to data from CoinMarketCap, SHIB and BONE have grown 23.68% and 29% respectively over the past week.

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