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Shibarium developers say every on-chain transaction will burn SHIB tokens

Shibarium is one of the most anticipated projects, mainly in the Shiba Inu community; Most members of the SHIB community are excited for the launch as it might be enough of a catalyst to pump up their SHIB pockets.

Latest News About Layer 2Blockchain-Scaling solution, the developers announced via a brief thread on Twitter earlier today that any transaction on the Shibarium network would result in a burning of Shiba Inu (SHIB) tokens.

Shibarium combustion mechanism to increase SHIB price over time?

Currently, SHIB has a circulating supply of 589 trillion units and a total supply of over 900 trillion. The initial total supply was reduced by a recent burn, and with Shibarium’s burn mechanism to be introduced soon, the price of SHIB is likely to increase as supply is reduced.

Although the amount of SHIB token that will be burned after each transaction has not been disclosed, the burning mechanism is likely a sufficient catalyst not only for the SHIB token but also for the Shibarium blockchain.

Shibarium developers say every on-chain transaction will burn SHIB tokens, Crypto Trading News

The latest update reflects BONE Token

In its previous update, the Shibarium team cleared up some false speculation about it Blockchain and what native token it will use. Shibarium’s developers noted that BONE will be the only token used for gas fees and “no other tokens are required to work within the protocol”.

For context, BONE is a Shibaswap ecosystem governance token that allows the SHIB community to vote on upcoming proposals in the ecosystem. The more BONE coins a user owns, the more weight their vote will have in future suggestions.

Even if it looks like it BONE It is not the main character of the Shibarium blockchain, but rather a partner who will work hand in hand with SHIB. “Shibarium was developed for SHIB token and not because of other projects claiming ownership or speculation on dependency of operability on other tokens,” announced the Shibarium team.

So far, BONE is moving in a positive direction. With a consolidation that almost looks like it’s waiting for Shibarium’s launch to make a significant move, the BONE token currently ranks at position 113 on CoinGecko with a market capitalization of more than 250 million US dollars. The current market price at the time of writing is $1.1 with a 24-hour trading volume of $4.1 million.

Shibarium developers say every on-chain transaction will burn SHIB tokens, Crypto Trading NewsSHIB price is moving sideways on the 4 hour chart. Source: SHIB/USDT on TradingView

SHIB token, on the other hand, currently ranks higher on CoinGecko, occupying 16th place with a market cap of nearly $5 billion. It currently has a trading price of $0.00000845 at the time of writing, with a 24-hour trading volume of $175 million.

-Featured image: Shib Army News

Source: Crypto News Deutsch

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