More than 3.8 billion Shiba Inu (SHIB) tokens were burned and permanently eliminated in the five days following Shibarium’s beta launch.
According to the Shiba Inu burn tracking site Shibburn, SHIB’s burn 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 evening and Tuesday evening.
Shibarium is the Shiba Inu’s ecosystem layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Last week, SHIB officially released Shibarium’s beta version, allowing beta testers to explore the testnet.
Pseudonymous SHIB developer Shytoshi Kusama estimates that Shibarium will remain in beta for two months but acknowledges that the timeline is uncertain and could take as long as four months. Kusama notes the beta involves “creating systems and bug hunting.”
The Shibarium aims to allow developers to create fast, inexpensive and highly scalable applications. Once the beta test is complete, the protocol will generate a new ecosystem of custom coins that can be traded using Bone ShibaSwap (BONE) to pay for gas fees.
SHIB, a top Dogecoin (DOGE) competitor, is trading at $0.00001 at time of writing. The 14th-ranked crypto asset by market cap is down 7.8% in the past 24 hours.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/WindAwake
Share this article: