2 - 3 minute read
Shiba Inu’s token supply is set to decrease significantly with the launch of Shibarium, a new network that aims to burn SHIB tokens with each transaction. The announcement, made by Shibarium’s official Twitter handle, comes after months of speculation about the launch and follows a series of tweets from the development team on January 5 that thanked the Shiba community for their excitement and energy surrounding the upcoming Shibarium Beta Network.
Since its launch in 2020, Shiba Inu has been a controversial player in the cryptocurrency world due to its massive token supply. Despite the fact that close to half of the SHIB supply has already been destroyed, many in the community have been pushing for more burning tactics to reduce the remaining 589.6 trillion tokens. Theoretically, token burning is based on the fundamental economic principle that when supply exceeds demand, prices fall, and vice versa.
The upcoming Shibarium network aims to tackle this issue by burning SHIB tokens with each transaction. According to the developers, the network has been developed specifically for Shiba Inu and will not require any other tokens to operate. They also emphasized that the layer 2 protocol belongs to the community and will create a strong foundation for innovation and growth for the Shiba Inu ecosystem.
“This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas fees and use. No other tokens will be necessary to operate within the protocol.”
The news of the launch has been met with excitement from the Shiba Inu community, with many seeing it as a positive development for the ecosystem’s tokens. In the past week, SHIB and BONE have grown by 23.68% and 29%, respectively, according to CoinMarketCap data. While the development team has not yet issued a soft date for the launch, rumors suggest it could happen within the first quarter of 2023.
The Shibarium network launch is expected to renew bullish momentum for the Shiba Inu ecosystem by reducing the token supply and providing a strong foundation for innovation and growth. The community has been eagerly waiting for the launch, with many seeing it as a positive development that will benefit the ecosystem’s tokens. Although the launch date has not yet been announced, rumors suggest that it could happen within the first quarter of 2023.
