The core developers of the Shiba Inu (SHIB) meme coin project have achieved a major milestone with the successful launch of Shibarium, their long-awaited layer-2 scaling solution, on the mainnet. This launch represents a significant step forward for the project and comes in accordance with the timeline previously announced by lead developer Shytoshi Kusama during the Blockchain Futurist Conference in Canada.
Shibarium is an Ethereum-based layer-2 scaling solution designed to enhance the performance and capabilities of tokens within the Shiba Inu ecosystem. This ecosystem includes popular tokens such as SHIB, BONE, and LEASH. With the introduction of Shibarium, these tokens are expected to benefit from improved scalability, faster transaction speeds, and lower fees. The layer-2 solution aims to provide a more efficient and seamless experience for users while maintaining the principles of decentralization.
In addition to the technical advancements, validators on the Shibarium network will be rewarded with a governance token called BONE. This token serves as a means of incentivizing and empowering validators to participate in the network’s governance and decision-making processes. BONE has a total supply of 250,000,000 tokens.
SHIB recovers amid Shibarium launch | Source: SHIBUSD on Tradingview.com
Meanwhile, there has been a noteworthy development in the burn rate of SHIB tokens. According to data from Shibburn, a tracking website dedicated to monitoring Shiba Inu token burns, there has been a significant spike in the burn rate. In the past 24 hours alone, over $342 million worth of SHIB tokens were burned, reflecting a burn rate of over 50%. This indicates a substantial reduction in the circulating supply of SHIB tokens, which could potentially impact the token’s price dynamics and supply-demand dynamics within the Shiba Inu ecosystem.
As for the price action, Shiba Inu has experienced a 9.0% drop in value over the past 24 hours, currently trading at $0.000009, according to data from Benzinga Pro. It’s important to note that cryptocurrency markets can be volatile, and price fluctuations are common.
Source: BENZINGA Crypto
