Shibarium is an upcoming layer 2 scaling network that will eventually house the entire Shiba ecosystem. Besides hosting the SHIB metaverse on Shibarium, the Shiba Inu team is also looking to deploy a stablecoin, called SHI, on the layer 2 solutions.
Shibarium, Layer 2 protocol by the Shiba Inu team, achieved major support from Atomic Wallet with around 5 Million users. Atomic Wallet is a non-custodial crypto wallet that recently announced the addition of support for Shibarium. The wallet became the first that officially announced its support for Shina Inu’s innovation. The wallet currently has a user base of over five Million, as noted.
The announcement of Atomic Wallet’s support for Shibarium came on the evening of the imminent launch of the Layer 2 Shibarium beta test. However, the exact date is still not known. According to the lead developer of Shiba Inu, Shytoshi Kusama, the long-awaited launch may indeed happen soon.
According to Kusama one of the goals of the hotly anticipated Shibarium is to burn trillions of tokens.
After getting huge support from a major noncustodial wallet, Shibarium got a gentle kick. It also gave the rare presence of key ecosystem tokens, except for, SHIB, on major crypto platforms.
Shuibarium will run with four tokens that are SHIB, BONE, LEASH, and the latest one, TREAT, which will be paid out as a reward and to stimulate pools on the native Shiba Inu decentralized exchange, ShibaSwap.
Here is an interesting fact that says the focus of Shibarium is not only on SHIB but also on BONE, which has a special role in the operation of the protocols as a way of paying for gas and rewarding the validators. Meanwhile, the number of BONE holders which has just a supply volume of 230 Million tokens, increasing week by week. And it crossed 69,000 addresses.
At present, the burn rate of SHIB spiked over 28,000%, and in the past hour, there have been a total of 6,673,235 SHIB tokens burned.
SHIB Price Analysis
At press time, Shiba Inu’s price was $0.000012 with a 24-hour trading volume of $195.24 Million. The meme coin is down 0.42% in the last 24 hours, with a current market cap of $6.32 Billion.
In the last 30 days month, SHIB’s price noted an increase of more than 60%, from its 30 day low at $0.000007869 and high at 0.00001289.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/01/27/are-trillions-of-shib-to-burn-ahead-of-shibarium-release/