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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Shibarium

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Shibarium is one of the most anticipated projects, mainly in the Shiba Inu community; most SHIB community members are eager for the launch as it could be enough of a catalyst to pump their SHIB bags. 

Latest on the news about the layer two blockchain scaling solution, the developers announced via a short thread on Twitter earlier today that every transaction on the Shibarium network would result in a burn of Shiba Inu (SHIB) token.

Shibarium Burn Mechanism To Boost SHIB Price Over Time?

Currently, SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion. Its initial total supply was reduced with a recent burn and with the soon-to-be-introduced burning mechanism by Shibarium, SHIB’s price is likely to appreciate as the supply will be reduced.

Though the amount of SHIB token that will be burned after each transaction has not been revealed, the burning mechanism is likely to be a good enough catalyst for not only the SHIB token but the Shibarium blockchain. 

Related Reading

Dogecoin’s (DOGE) space mission, Shiba Inu’s (SHIB) Shibarium, and Snowfall Protocol’s (SNW) grand launch – Here’s why January 2023 looks promising for these tokens

2 years ago

Recent Update Reflects On BONE Token

In its previous update, the Shibarium team cleared some false circulating speculations about the blockchain and what native token it will utilize. Shibarium developers noted that BONE will be the only token that would be used for gas fees and “No other tokens will be necessary to operate within 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 future proposal.

Though it may seem as though BONE is the main character of the Shibarium blockchain, it is not, but more of a partner that will work hand in hand with SHIB. “Shibarium has been developed for SHIB token and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens,” the Shibarium team announced.

Related Reading

Shiba Inu SHIB

Shiba Inu Lead Dev Ignites Buzz About New Partnership, SHIB Price Stagnates

1 year ago

So far, BONE has been moving in a positive direction. With consolidation almost as if it’s waiting for the Shibarium launch to make a significant move, the BONE token currently ranks at a position of 113 on CoinGecko with a market cap of more than $250 million. Its current market price at the time of writing is $1.1, with a 24-hour trading volume of $4.1 million.

SHIB Price Chart On TradingView
SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView

SHIB token, on the other hand, currently ranks higher on CoinGecko, owning the 16th position with a market cap almost heading to $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: Shib Army News

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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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
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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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