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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Shiba Inu Set To Establish A New Era For Shibarium Burns

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Shiba Inu

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Popular blockchain project Shiba Inu has revealed a new era of token burns for its Ethereum-based layer 2 blockchain solution, Shibarium.

Shiba Inu Unveils Latest Burning Mechanism

On Monday, December 4, Shiba Inu announced a fresh set of burning techniques to increase the ecosystem token’s value. According to the announcement, the team described the new mechanism as a “transformative” move, crucial for the network’s economic model. 

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Shiba Inu Burn Rate Soars Over 3,000% – What’s The Impact On Price?

1 year ago

The purpose of this technique is to intentionally reduce the token supply in order to increase the value of SHIB and its ecosystem. The announcement read:

Shibarium is introducing a transformative token burning mechanism, crucial for the network’s economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem.

The burn mechanism has been divided into two distinct phases. These include the Manual phase and the Automated Transition phase.

The Manual phase will see the token burn managed by the official deployer wallet. This makes it possible to observe and adjust closely to ensure alignment with the network’s sustainability and health. 

Several changes will be made during the Automated Transition phase to improve dependability and efficiency. According to the Shiba Inu team, the previous mechanism will transit into an automated system.

The burn process for this phase will function according to predetermined guidelines, making it more transparent and efficient. However, this automated aspect is expected to begin in January next year.

So far, the first-ever token burn performed by the Shiba Inu team saw about 8.2 billion SHIB tokens burned, valued at approximately $76,000. The team will keep burning tokens manually using its deployer wallet to represent user engagement on Shibarium.

Shiba Inu’s latest Shibarium burn mechanism underscores a “major milestone” for the network’s development, according to the official blog post. Shibarium is establishing a standard in blockchain token economics by coordinating token burning with network utilization and constantly improving the procedure through updates.

Shibarium’s Transactions Increases Significantly

Lately, Shibarium has seen a surge in transactions and a sharp increase in gas fees by up to 1,000%. Due to this, the token burning has increased exponentially. This is because an increase in the network’s usage leads to more tokens getting burned.

Related Reading

Shiba Inu Shibarium

Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today?

1 year ago

Shibarium has grown purposefully to surpass its best since its introduction in early August. Several weeks ago, there were only a few thousand transactions each day, but today, there are on average 7 million. 

According to data from Shibarium Explorer, that number is currently at 7.82 million. The total number of transactions has also increased lately, totaling 36,730,230 as of the time of writing.

Shiba Inu
SHIB trading at $0.0000092 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image by iStock, chart by Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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