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.
At 3:25 p.m. UTC on March 7, $SHIB burn tracker Shibburn reported that in the past 24-hour period, the $SHIB burn rate was up 78%. Over 410 trillion SHIB tokens have so far been burned, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.
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 other major listings for $SHIB and other tokens in its ecosystem as the community impatiently awaits the launch of Shibarium, a layer 2 blockchain designed at addressing the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.
For example, on March 3, Bone ShibaSwap ($BONE) — which, according to the Shibarium team, is “the native token selected to pay for gas transactions and reward Validators and Delegators within the Shibarium protocol” — was listed on Crypto.com:
The Shiba Inu ($SHIB) project is gearing up for the launch of Shibarium Beta, and to help with Shibarium’s adoption, the Shibarium team has created a dedicated portal website.
According to a blog post by Shytoshi Kusama (the pseudonymous lead developer of Shiba Inu), to support individuals and businesses interested in building on Shibarium, the development team has created an intake system that will allow them to find and support the best projects. In addition, the system will help the team stay organized, grow Shibarium’s reach, and reset relationships with businesses they’ve connected to in the past. Over 3,000 forms from interested parties have been received so far:
According to data from TradingView, at the time of writing (i.e. as of 3:53 p.m. UTC on March 7), on Coinbase, $SHIB is trading around $0.00001086, making it the 14th most valuable cryptocurrency by market cap. In the year-to-date period, $SHIB is up 34.90% vs USD.
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