HomeNewsShiba Inu's Fiery Revelation: Shibarium Unleashes Astonishing SHIB Burn Mechanism - Will...

Shiba Inu’s Fiery Revelation: Shibarium Unleashes Astonishing SHIB Burn Mechanism – Will the Price Skyrocket to $0.0001? Report

- Advertisement -
    • Shibarium, a project linked to Shiba Inu, has revealed a preview of the user interface for its SHIB token burn mechanism, exciting the Shiba Inu community.
    • The Shiba Inu burn rate has shown considerable fluctuations recently, with 3 billion SHIB tokens burned in the last week, marking a 36.38% decrease in the weekly burn rate.

Shibarium Unveils SHIB Token Burn Mechanism, Enthralling Shiba Inu Enthusiasts

SHIB BPP, a notable influencer in the Shiba Inu community, has disseminated the uplifting news of a preview being available for the user interface of the SHIB burn mechanism on Shibarium. A snapshot of this interface was disclosed by Twitter user “SHIB INFORMER.”

Despite being in its beta phase, Shibarium continues to experience constant development. As reported earlier, efforts are in progress on the Shiba Inu ETH bridge, designed to facilitate the flow of assets between the two blockchains.

How Does the Burn Mechanism Work on Shibarium?

According to Shibarium documentation, upon the completion of a transaction on the network, the basic fee gets secured on a contract within Shibarium, and the validator receives the priority fee. From this basic fee, 30% is earmarked for network maintenance, while the remaining 70% undergoes burning.

The burn process can commence on Shibarium once a specified amount of BONE, another token associated with Shiba Inu, has accumulated in the burn contract. When initiated, the collected BONE is transferred to Ethereum’s L1 layer, where they are automatically converted into SHIB and burned by invoking a contract function. This burn mechanism reduces the available supply of tokens, akin to a withdrawal transaction where tokens are removed rather than received.

The topic of token burning remains a prominent point of discussion within the Shiba Inu community, with members aspiring for the burn to reach into the trillions.

Recent Trends in SHIB Token Burn

The burn rate for Shiba Inu tokens has recently seen significant variations, sometimes soaring into the millions of percent, and at other times, falling to the bare minimum. According to an hourly update on Twitter, only 575,043 SHIB tokens were burned in a single transaction over the past day, resulting in a daily burn rate of 0%.

However, the burn rate over the past week tells a different story, with a total of 3 billion SHIB tokens (3,055,174,242) being destroyed. This marks a 36.38% reduction in the weekly burn rate, indicating the oscillating nature of token burning in the Shiba Inu ecosystem.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628