- The layer-2 network of Shiba Inu, Shibarium, is projected to burn 5 trillion tokens monthly.
- Despite a substantial burn rate spike, the Shiba Inu token’s price remains below the $0.000008 level.
Cryptocurrency enthusiasts are abuzz with the recent announcement from “SHIB Bezos,” a Shiba Inu-centric Twitter account. According to their tweets, Shibarium, Shiba Inu’s (SHIB) layer-2 network, is anticipated to burn an astonishing 5 trillion tokens monthly.
Shibarium: Taking SHIB Burns to a New Level
While the Shiba Inu community eagerly awaits the much-anticipated launch of Shibarium, speculations run rife about its token burn strategies. The existing burn mechanism of SHIB has been gradually reducing the supply. However, it hasn’t had a noteworthy impact on price increments. Shibarium is expected to revolutionize this process by dramatically escalating the token burns.
The specifics of Shibarium’s release are yet to be made public. However, Shytoshi Kusama, the lead developer of SHIB, hinted that they might unveil the layer-2 network at the Blockchain Futurist Conference, scheduled on August 15 and 16 in Toronto, Canada.
It’s worth noting that the SHIB community has long aspired to see the token’s price reach $0.01. With the planned monthly burn of 5 trillion tokens, Shibarium could potentially be the catalyst to realize this dream.
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The Unyielding Surge in SHIB Burn Rate
According to Shibburn, SHIB’s burn rate has spiked by a staggering 6340%, with 79.4 million tokens dispatched to the dead wallet within the last 24 hours. This massive burn is attributable to a significant burn operation undertaken by MARSWAP, a project with a 1% transaction tax used to burn SHIB tokens.
Interestingly, MARSWAP is just one among several projects that have collaborated with Shiba Inu to curtail its circulating supply. For instance, Wolf AI is another such project with ambitious plans to burn trillions of SHIB tokens each year.
Despite this aggressive burn rate surge, SHIB’s price remains unaffected, still grappling to surpass the $0.000008 level. At the time of writing, SHIB is trading at $0.00000797, experiencing a minor decline of 0.7% in the last 24 hours. It remains to be seen whether Shibarium’s new burn mechanism will ignite a substantial uptick in the token’s price.
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