The Shiba Inu whale thinks that the Shibarium will have significant potential for Shiba Inu burning.
The opinion offered here is not meant to act as investment advice. Instead, it is being provided entirely for instructional purposes only. It may not necessarily reflect the position that U.Today.com holds.
Before making any decisions, conduct some independent research because trading and investing entail risk.
It is not recommended that the users engage in the practice of investing money that they are unable to bear the loss of. Someone on Twitter with around 384,000 followers named @ShibaInuHodler recently submitted a post.
In which they mentioned Shibarium and the essential component. Once implemented, it will play a part in destroying Shiba Inu tokens. This will occur once the implementation has taken place.
Will Destroy Thousands of Years of SHIB Research
Recently, the Twitter handle @ShibaInuHodler announced that once Shibarium gets going, they would be selling. There would be a staggering reduction in the number of Shiba Inus available for adoption.
His tweet indicates that the potential value of these numbers might go into the billions of meme coins.
Shibarium may cause SHIB burns more severely, as described here:
Shibarium is the much-anticipated Layer 2 solution for the Ethereum chain, which is the underlying technology on which the Shib network runs. Users will be able to complete a much greater number of transactions due to this solution.
Without coming to a halt because of a bottleneck brought on by congestion. Users of the Shiba network will have access to the Shibarium platform. On the Shibarium platform, we will utilize the BONE token to pay transaction fees.
A portion of these fees will be transformed into Shiba Inu tokens and permanently withdrawn from circulation by the creators of Shibarium. This process is known as “burning” and involves locking the tokens in wallets that cannot be used again.
A similar plan is now being implemented for the meme coin BabyDoge, which is SHIB’s competitor. On December 1st, engineers working on BabyDoge began burning transaction fees and making buybacks of BabyDogeCoin.
This resulted in removing billions of meme tokens from the total supply.
Last week, a fire consumed 500 million SHIB
According to data only published by the Shibburn tracker, the most recent seven days have been quiet. A staggering amount of Shiba Inu meme coins were withdrawn from circulation, amounting to a grand number of 516,462,035.
Over 50 separate transactions were required to accomplish that goal for the SHIB army. In only the last twenty-four hours, the SHIB community has been responsible for the destruction of 37,400,646.
This has caused the burn rate to increase by 1,395% compared to Sunday’s burning. The SHIB army burned almost 100 million pieces of SHIB in the first two days of January.
Compared to the bulk of burns made since September. When 100 million SHIB were the result of a week’s worth of SHIB burns. This represented a significant amount of advancement.
According to a piece of writing that U.Today published during the weekend.
Within the comment section of the most recent postings regarding recently destroyed SHIB records. Many fans of the band have, as of late, started throwing criticism against the bar.
They chose to include it despite the fire only destroying a negligible portion of the meme tokens. The reason for this decision needs to be clarified.
After the previous week, it was determined that it would take ten thousand years for the price of a Shiba Inu to reach the level of one.
According to statistics from CoinMarketCap, the current price of Shiba Inu is $0.000008902 as of the time of writing this article. Within the previous twenty-four hours, there has been an almost six percent increase in price.
Nevertheless, this is an 89.95% decrease from the all-time high of $0.00008845 Shiba Inu in late October last year.
