Shiba Inu Releases Shibarium Documentation, SHIB Burn Soars 1107%

As Shibarium docs flare up, the burn rate catapults by 1107%, but it’s yet to reflect on SHIB’s market price.

Animated Shiba Inu dog emerging from the flames, looking at the gray moon.
  • SHIB Token developers released the highly-anticipated documentation for Shibarium.
  • Memecoin Shiba Inu (SHIB) hovered above the $0.00001 price range for most of 2023.
  • SHIB burn rate accelerates by 1107%, with 856 million SHIB tokens burnt since last week.

The official Shiba Inu (SHIB) developer team released the long-awaited Shibarium documentation this weekend. The recently-launched Layer-2 upgrade for ‘puppynet’ went live a few weeks ago, while the docs inviting developers to stake and validate Shibarium surfaced on March 24th, 2023.

In recent weeks, the Shiba Inu community, popularly known as the SHIB Army, went through many controversies regarding allegedly plagiarized Shibarium code. Soon after the accusations surfaced, it was indicated that the Chain ID duplicated another blockchain called Rinia, but later the issue was resolved.

Shiba Inu’s BONE Sees More Adoption

Following the recent controversy, Shibarium’s gas fee token Bone ShibaSwap (BONE) plunged 13.3% in the last seven days and an eye-watering 41.4% since last month. While $BONE was heading toward the TOP 100 by crypto global market capitalization on the Shibarium Beta launch, now it has fallen to the 162nd spot and trades at $1.07, according to CoinGecko.

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However, Shibarium’s governance token received great news from the non-custodial decentralized wallet Bermuda, as $BONE was added with the $DAI stablecoin to the supported coin list. This comes just two weeks after popular American crypto exchange Crypto.com listed BONE and added a CRO/BONE trading pair.

856M SHIB Tokens Set Ablaze Last Week

While the fiery discussions between the divided camps of the SHIB Army escalate on Twitter, the community has found the motivation to send a colossal 856,350,309 tokens ablaze. Indeed, this has helped to maintain Shiba Inu’s crucial resistance line throughout the year, as SHIB stood above since 14th January 2023, with one momentous drop below the zone two weeks ago.

At press time, the 15th ranked memecurrency trades at $0.00001052, according to CoinGecko. With a 17.7% downtrend in the last 30 days, it has lost around $1.2bn of its market cap.

On the Flipside

  • Only 29% of current Shiba Inu holders are making a profit, according to the crypto data analytics tool IntoTheBlock.

Why You Should Care

Shibarium, the Layer-2 solution, aims to provide faster transaction speed than Ethereum (ETH). According to the documentation, Shibarium is built on a fork of Polygon (MATIC), the blockchain that works as a scaling solution to Ethereum PoS.

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FAQs

What is the purpose of Shibarium?

The purpose of the Layer-2 blockchain Shibarium is to build a self-sufficient ecosystem revolving around Shiba Inu (SHIB) with games, dApps and community projects.

How much will Shibarium burn?

Shibarium intends to burn a percentage of Shiba Inu (SHIB) tokens in every transaction, but the percentage hasn’t been publicly disclosed yet.

Will Shiba Inu rise after Shibarium?

Many members of the Shiba Inu community expect to see Shiba Inu (SHIB) rise after Shibarium’s mainnet launch, as it provides a faster and cheaper alternative to Ethereum (ETH).

What is the total supply of Shibarium?

There’s no limit to projects than can be built on Shibarium. However, the official gas fee token Bone ShibaSwap (BONE) is capped at a max supply of 250,000,000.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.