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SHIB Token to be Burned in Every Shibarium Transaction

Shibarium, a layer two blockchain scaling solution, has announced that every transaction on its network will burn a Shiba Inu (SHIB) token.

Shibarium Logo
Shibarium Logo

The team also confirmed that BONE would be the only token used to pay gas fees on the network.

SHIB currently has a market value of over $4 billion and trades at $0.000008511, with a 3% increase in the last 24 hours. The high number of SHIB tokens in circulation, over 500 trillion, combined with the burn mechanism could increase the token's price.

BONE is a governance token in the Shibaswap ecosystem and is used for voting on proposals. It currently ranks 121st on CoinMarketCap with a market cap below $200 million and trades at $1.1 after $7 million worth of the token was bought and sold.

The Shibarium Beta Network Launch is Anticipated

The Shibarium team also addressed rumors in the crypto community about the use of other tokens on the network, stating that Shibarium was developed for Shibtoken and that it is not dependent on any other tokens for its operability. The crypto community is eagerly awaiting the launch of the upcoming Shibarium Beta Network.