Shibarium is one of the most anticipated projects, mainly in the shiba inus community; most of the SHIB community are eagerly awaiting the launch as it might be enough of a catalyst to pump up their SHIB bags.
Latest News on Layer Two Blockchain Scaling Solution, Developers announcement via a short thread on Twitter earlier today that every transaction on the Shibarium network would result in a burn of the Shiba Inu Token (SHIB).
Shibarium burning mechanism to increase price of SHIB over time?
Currently, SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion. Its initial total supply has been reduced with a recent burn and with the burn mechanism soon to be introduced by Shibarium, SHIB’s price is expected to appreciate as supply is reduced.
Although the amount of SHIB token that will be burned after each transaction has not been revealed, the burning mechanism is likely to be enough catalyst not only for the SHIB token but also for the Shibarium blockchain.
Recent update reflects BONE token
In its previous update, the Shibarium team eliminated some false speculation circulating about the block chain and which native token it will use. Shibarium developers noted that BONE will be the only token that would be used for gas fees and “No other tokens will be required to operate under the protocol.”
For context, BONE is a governance token of the Shibaswap ecosystem, allowing the SHIB community to vote on upcoming proposals in the ecosystem. The more BONE Coins a user holds, the more weight their vote carries in the future proposal.
Although it may seem that BONE is the main character of the Shibarium blockchain, it is not, but rather a partner who will work hand in hand with SHIB. “Shibarium was developed to SHIB token and not for the sake of other projects that claim ownership or speculation surrounding its operability reliance on other tokens,” the Shibarium team announced.
So far, BONE has evolved in a positive direction. Consolidating almost as if waiting for the launch of Shibarium to make a significant move, the BONE token currently ranks at a position of 113 on CoinGecko with a market cap of over $250 million. Its current market price at the time of writing is $1.1, with a 24-hour trading volume of $4.1 million.
The SHIB token, on the other hand, currently ranks higher on CoinGecko, holding the 16th position with a market capitalization reaching almost $5 billion. It currently has a trading price of $0.00000845 at the time of writing, with a 24-hour trading volume of $175 million.
– Featured Image: Pixabay
