More than half a billion SHIB tokens have been burnt overnight

Shiba Inu (SHIB) has been on everyone’s radar today as there has been a confluence of impressive performance across its fast-growing ecosystem.

SHIB Token Burn Reflects Shibarium Anticipation

Whales within the Shiba Inu ecosystem are doing a lot to help bolster the overall outlook of the protocol ahead of the full launch of the Shibarium L2 on the mainnet. According to data from Shibburn, a total of 581,549,041 SHIB tokens have been sent to dead wallets in the past 24 hours, with active contribution from more than one wallet.

The SHIB token burn metric is a very important one as it gives an insight into how willing large amounts of tokens are deflated from the general supply. As a memecoin with tons of tokens in circulation, defining a steady deflationary model is crucial to attracting the right investor base post-Shibarium launch.

The positive sentiment surrounding Shibarium has been in the community for several months now and the need to get onboard the protocol has pushed a lot of enthusiasts to try out the PuppyNet testnet. These trials have in turn contributed to the impressive milestones as it concerns the total number of addresses resident on the network.

It has been confirmed that Shibarium is going live on mainnet over the coming week as team members finalize the design of the protocol ahead of the Blockchain Futurist Conference taking place in Canada. With transactions on Shibarium set to commit a small fraction to the burn wallet, the launch can fuel the overall growth in the price of the SHIB token.

Tough Ecosystem to Compete in

The Layer-2 ecosystem on Ethereum is growing at a very frantic pace with the likes of Coinbase Exchange’s Base and Polygon’s zkEVM making the rounds with their impressively growing ecosystem and functionalities.

While Polygon has helped draw in top brands like Starbucks and Adidas into the Web3.0 world, Base has just welcomed the Masterpiece Non-Fungible Token (NFT) collection from beverage giant Coca-Cola.

To solidify its foothold in the Layer-2 world, ecosystem members will be looking forward to related partnerships from Shibarium, a tough task but feasible to achieve.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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