Shibarium is one of the most anticipated projects, especially in Shiba Inu community; most members of the SHIB community are eager for the launch as it can be a catalyst for pumping SHIB bags.
Latest on news about layer two blockchain scale solutions, developers declare via a short thread on Twitter earlier today that every transaction on the Shibarium network will generate Shiba Inu (SHIB) tokens.
Shibarium Burn Mechanism To Increase SHIB Prices Over Time?
Now, SHIB has a circulating supply of 589 trillion units and a total supply exceeding 900 trillion. The total initial supply is reduced by the new combustion and with the combustion mechanism that Shibarium will release, the price of SHIB may increase as the supply will decrease.
Although the number of SHIB tokens that will be burned after each transaction has not been revealed, the burning mechanism could be a pretty good catalyst for not only SHIB tokens but the Shibarium blockchain.
Latest Update Reveals BONE Token
In the previous update, the Shibarium team cleared some false speculations about it blocking and what native token to use. Shibarium developers noted that BONE will be the only token that will be used for gas fees and “No other tokens are required to operate in the protocol.”
For context, BONE is the governance token of the Shibaswap ecosystem, allowing the SHIB community to vote on future proposals in the ecosystem. The more BONE coins the user continues, the more weight the vote carries on future proposals.
Although it may seem like it BALAN is the main character of the Shibarium blockchain, it is not, but more of a partner that will work with SHIB. “Shibarium has been developed for SHIB token and not for other projects that claim ownership or speculate on operability’s dependence on other tokens,” the Shibarium team said.
So far, BONE has been moving in a positive direction. With the consolidation almost as if waiting for the launch of Shibarium to make a significant move, the BONE token is currently ranked 113 on CoinGecko with a market cap of over $250 million. The current market price at the time of writing is $1.1, with a 24-hour trading volume of $4.1 million.
The SHIB token, on the other hand, is currently ranked higher on CoinGecko, holding the 16th position with a market cap of nearly $5 billion. It is currently trading at $0.00000845 at the time of writing, with a 24-hour trading volume of $175 million.
-Featured image: Shib Army News