The team behind Shibarium, a layer 2 blockchain designed at addressing the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost, has announced some great news for $SHIB HODLers.
Here is what Binance Academy says about Shiba Inu ($SHIB):
“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.
“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.
“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“
On 6 July 2022, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ($SHIB) project, published a blog post, in which he had this to say about Shibarium:
“Shibarium is a key component in this uncanny war we find ourselves in as it will allow us to move assets on chain with minor BONE (gas) fees empowering micro transactions… As of now, everything is still on track, and we are moving as fast as we can to complete this core component to our ecosystem. xFUND and SHIB Developers have yet to determine a date for the Public Beta.“
Well, earlier today, the Shibarium team confirmed that Shibarium, the testnet of which is expected to go live sometime in the next several weeks, will require using $BONE to pay for transaction/gas fees and will burn $SHIB with every transaction (thereby making $SHIB more scarce, and potentially increasing its value):
In 2022, 83,347,071,504 $SHIB tokens were burned:
Currently (as of 10:28 a.m. UTC on 11 January 2023), on Coinbase, $SHIB is trading around $0.00000895.