More than 3.8 billion Shiba Inu Tokens (SHIBs) were burned and permanently removed in the five days after Shibarium’s beta release.
According to the Shiba Inu Shibburn burn tracking site, SHIB burning rate exploded by 1,316.43% on Tuesday, with the memecoin burning a total of 452,950,434 tokens in the 24-hour period between Monday night and Tuesday night.
Shibarium is the layer 2 protocol of the Shiba Inu ecosystem built on top of Ethereum (ETH), similar to Polygon (MATIC). Last week, SHIB officially launched the beta version of Shibarium, allowing beta testers to explore the testnet.
SHIB’s pseudonymous developer, Shytoshi Kusama, estimates that Shibarium will remain in beta for two months, but acknowledges that the timetable is uncertain and could take up to four months. Kusama notes that the beta version involves “building systems and looking for bugs.”
Shibarium aims to enable developers to build fast, cheap, and highly scalable applications. Once beta testing is complete, the protocol will spawn a new ecosystem of custom coins that can be traded using Bone ShibaSwap (BONE) to pay for gas fares.
SHIB, one of the main competitors of Dogecoin (DOGE), is trading at $0.00001 as of this writing. The 14th-ranked crypto asset by market capitalization is down 7.8% over the past 24 hours.
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