Shibarium’s Bold Move: Announces Burning of 500 Billion SHIB Tokens Every Year!

Shibarium's SHIB Burn Rate Estimated to be Less Than 500 Billion SHIB Per Year, Claims Top Shiba Inu Community Member on Twitter

Shibarium, the upcoming layer 2 protocol for the Shiba Inu token, is estimated to have a burn rate of less than 500 billion SHIB per year, according to SHIB BPP, a prominent member of the Shiba Inu community on Twitter. The burn rate was deduced by SHIB BPP based on the current prices of BONE and SHIB, as well as the number of transactions on the top L2 in the previous 30 days. However, some members of the community are disappointed by the low burn rate, with one user calculating that it would take 1000 years to burn 50% of the token supply.

Despite this, the Shibarium network is gaining traction within the cryptocurrency ecosystem, with a sharp increase in the number of wallets interacting on its testnet. According to data from PuppyScan, 13,856.413 wallets are participating in transactions across the Shibarium testnet, with a total of 446,449 Shibarium beta transactions recorded so far.

Several new projects have also decided to build on Shibarium, including MzeDex, which is seen as a significant part of the growth and adoption observed in the network. However, the Shiba Inu team has urged users to exercise caution and conduct effective DYOR (Do Your Own Research) before engaging with these projects, as there is a risk of potential scams. Shytoshi Kusama, a team lead in the Shiba Inu community, has reportedly warned users against these potential scams and clarified that the Shibarium network is yet to mint an official token.

Overall, while the low burn rate of Shibarium may have disappointed some members of the community, the network’s growing popularity and adoption are positive signs for the Shiba Inu token and its future prospects. As with any cryptocurrency investment, it is important for users to conduct their own research and exercise caution before engaging with any projects or tokens.

Martin Reid

Martin Reid

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