HomeAltcoinOver 3,800,000,000 Shiba Inu (SHIB) Vanish as Burn Rate Explodes 1,131% Following...

Over 3,800,000,000 Shiba Inu (SHIB) Vanish as Burn Rate Explodes 1,131% Following Shibarium Beta Release

-

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.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines

&nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Image generated: half way
Featured image: Shutterstock/WindAwake

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

MakerDAO holds USDC as the primary collateral for Dai

Since there is a possibility that risks could be tied to USDC, the MakerDAO Central Risk Unit recently proposed the notion of diversifying collateral for...

Polkadot, Kusama and Cardano lead the crypto space in terms of ‘notable activity on GitHub’: Santiment

Polkadot (DOT), Kusama (KSM), and Cardano (ADA) lead the crypto space in terms of "notable" GitHub development activity, according to cryptanalysis firm Santiment. holyday grades that...

Owner of Major US Stock Exchange to Launch Crypto Custody Services by June: Report

The parent company of a major US stock exchange is reportedly looking to launch crypto custody services by June. According to a new report from BNB...

DeFi Giants Launch on Ethereum Layer 2 zkSync Era

After four years of development, Ethereum's Layer 2 scaling network, zkSync Era, has been opened to users in alpha, enabling faster and cheaper transactions. ...

Most Popular