- Shiba Inu’s daily burn rate crosses the 1 billion mark in a day.
- Shytoshi Kusama reveals the solution for traffic congestion.
- Shiba Inu slides 22% in an encircling crypto market meltdown.
Shiba Inu’s daily burn rate skyrocketed by 1044% amid the news of Shibarium developers making the Layer-2 scaling solution available to the public in the next coming days. The SHIB Army took the news as an impulse to send over 1 billion of Shiba Inu (SHIB) tokens to the bottomless pit in 24 transactions in the last 24 hours.
Shibarium Devs Draw Up Relaunch Strategy
In the early hours of Tuesday, SHIB Token’s lead developer Shytoshi Kusama shared the 4th scaling update in regards to the Shibarium Layer-2 blockchain. To tackle the high traffic issues, Shibarium’s mainnet will have an auto monitoring system, as well as “additional fail safes including rate limiting at the RPC level and auto server reset”, – confirms Shy Kusama.
A makeover of the Layer-2 scaling solution was needed after $1.8 million Ether (ETH) got jammed inside the cross-chain bridge on launch day. After several blockchain security companies issued alerts for users to temporarily stop using the blockchain network, the issue was resolved and the transactions proceeded after a day, but only in private mode.
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Now, the Shibarium L2 developer team is working on issuing two new validators, which are expected to go live on August 23rd. Moreover, Shibarium developers recently completed a scaling upgrade with Alchemy developers to increase the mainnet capacity by 1500%. “We are almost ready to reopen to the public”, – concludes the mysterious leader.
SHIB Retraces Bull Run; What’s Coming Up Next?
Simultaneously, Shy Kusama is getting ready to publish the ShibPaper, which he describes as “the most comprehensive decentralization document the world has ever seen”. The whitepaper will be rolled out in phases, proving the 100% decentralization concept in spite of the FUD surrounding uneven control.
At the same time, the Japanese guard dog-themed coin Shiba Inu has fully retraced last month’s bull run. At press time, Shiba Inu is changing hands at $0.00000797 with a 1.4% daily deficit, according to CoinGecko. Currently, crypto analysts on Twitter believe that the $0.000007 support level will be a turning point for SHIB’s price movement.
On The Flipside
- Despite the merciless bears taking over, $BONE records 3.27% network growth, marking a spike in registered wallets.
- On the other hand, top crypto whales are staying cautious: large transactions on the network have dropped for both $SHIB & $BONE.
Why This Matters
Cryptocurrency burns are a common measure to support a coin’s market price.
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