According to Shiba Inu-focused Twitter page “SHIB Bezos,” the project’s layer-2 network, Shibarium, will burn 5 trillion tokens every month. While fans and investors eagerly await the highly anticipated layer-2, many are speculating on how the network will deal with token burns.
Shiba Inu’s (SHIB) current burn mechanism, although slowly reducing the supply, has seldom led to positive price movements. However, many expect Shibarium to take token burns to the next level.
Nonetheless, we still do not have an exact launch date for the release. SHIB lead developer Shytoshi Kusama said that the team is considering launching the layer-2 network during the Blockchain Futurist Conference. The conference is scheduled to be held in Toronto, Canada, on August 15 and 16.
Also Read: Shiba Inu: Shibarium’s Release ‘Very Likely’ in August
Shiba Inu (SHIB) investors and users have long pursued a target of $0.01 for the asset. Many believe that a new burn mechanism could help propel the token’s price to its “one-cent dream.”
Shiba Inu burn rate spikes 6340%
According to Shibburn, SHIB’s burn has spiked by 6340% as 79.4 million tokens were sent to the dead wallet in the last 24 hours. The burn is attributed to a massive burn undertaken by MARSWAP. MARSWAP is a project which has a 1% transaction tax which is used to burn SHIB tokens.
Also Read: Shiba Inu: Will Shibarium Burn 20 Trillion Tokens Every Month?
The MARSWAP is one of many projects that have allied with Shiba Inu (SHIB) to reduce its circulating supply. Wolf AI is one such project that aims to burn trillions of SHIB tokens each year.
Unsurprisingly, the burn rate spike has not really helped SHIB’s price. The token is still struggling to cross the $0.000008 level. At press time, SHIB was trading at $0.00000797, down by 0.7% in the last 24 hours.