Popular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.

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.

As of 11:35 a.m. UTC on March 9, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an insane 27,954%, with over 410 trillion SHIB tokens burned so far, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.

Source: Shibburn

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.

In the past few weeks, there have been several major listings for $SHIB — and other tokens in the Shiba Inu ecosystem — as the community impatiently awaits the launch of Shibarium, a Layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.

On Tuesday (March 7), the Shiba Inu team announced that the public beta of Shibarium is launching this week:

According to data from TradingView, currently (as of 11:42 p.m. UTC on March 9), $SHIB is trading at around $0.00001091, down 2.68% in the past 24-hour period but up 34.17% in the year-to-date period.

Source: TradingView

Image Credit

Featured Image via Pixabay