Popular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.
At 3:25 p.m. UTC on March 7, $SHIB burn tracker Shibburn reported that in the past 24-hour period, the $SHIB burn rate was up 78%. Over 410 trillion SHIB tokens have so far been burned, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.
The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.
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In the past few weeks, there have been several other major listings for $SHIB and other tokens in its ecosystem as the community impatiently awaits the launch of Shibarium, a layer 2 blockchain designed at addressing the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.
In a recent blog post, Kusama mentioned that Shibarium’s intake system would allow the Shiba Inu team to find the best projects and link them together with others who can help or assist. This system will also help them remain organized and grow Shibarium’s reach with professional companies, reset relationships with businesses they’ve connected to in the past, and find the right validators.
Kusama further shared that thousands of projects had already expressed their interest in being a part of the experimental journey of the Shiba Inu community. The team received numerous submissions through the Shibarium intake form, which is the document required in the intake system built to support those interested in doing anything for Shib.
Kusama expressed his delight in the thousands of submissions to the intake form, indicating that many exciting projects would join them on this experimental journey.
We are pleased to announce that our Shibarium Intake System is now live!
Join our ecosystem and be part of the Shib Army’s journey.
Although the intake form is not a requisite for developers to build on Shibarium, it will allow them to get the latest news and updates about Shibarium and the entire Shiba Inu ecosystem. Kusama added that the team was currently organizing and giving attention to every one of the several thousand submissions received, stating that the community is stronger as a unit, and even stronger with Shibarium.
As the excitement builds for the public beta testing of Shibarium, Kusama continues to provide exciting updates on the project’s progress. With the intake system in place, Shibarians and developers can expect a more organized and efficient ecosystem, providing them with the necessary tools to achieve their goals.
Shibarium’s layer-2 scalability solution has the potential to revolutionize the way the Shiba Inu community functions, opening up new opportunities for growth and expansion. The future looks bright for Shibarians, and the cryptocurrency space as a whole eagerly awaits the launch of Shibarium.