• Wed. Jun 12th, 2024

As per the latest update from the official Shibarium Telegram chat, the documentation for Shibarium has been finalized and will be made available for release very soon. The message also mentioned that Kaal Dhairya, a leading developer of Shiba Inu, is reviewing the documentation to ensure everything is in order.

Interestingly, the message hinted at the possibility of additional releases besides the documentation, although no details were provided. Shibarium enthusiasts eagerly await the release and are excited to see other surprises the Shiba Inu team may have.

Information Related to Shibarium

Interestingly, the release of the Shibarium documentation has been promised for over a year now, along with the launch of Shibarium itself. As a result, the phrase “very soon” has become a typical response from SHIB developers when asked about upcoming releases, which has left enthusiasts eagerly awaiting the launch.

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With the launch of the Layer 2 test network Puppynet on March 11, SHIB supporters hope that the long-awaited release of the Shibarium documentation will take only a few more months.

Once the documentation is made public, it will provide details on Shibarium’s operations, delegators, gas handling, validators, and other relevant information. This situation will allow SHIB enthusiasts to set up test nodes and further explore the possibilities of the much-anticipated Shibarium.

Shibarium offers the potential to ease the burden on the Ethereum network upon which Shiba Inu is currently built. This action would result in faster and more cost-effective transactions. Furthermore, the anonymous figure known as Shytoshi Kusama has confirmed that Shibarium will implement burns of Shiba Inu with every transfer made on its network.

How Shibarium will Affect the Burning of SHIB tokens

The process of burning Shiba Inu tokens on Shibarium is straightforward. A portion of the transaction fees settled in BONE tokens will be converted to Shiba Inu and transferred to inaccessible wallets, effectively locking away trillions of meme coins.

This move is expected to significantly reduce the circulating supply of Shiba Inu, making the coin rarer and potentially driving its price up to the coveted one-dollar mark or at least to the 0.01-dollar level.

In addition, by making the meme coin scarcer, Shibarium’s burning mechanism aims to incentivize investors to hold onto their Shiba Inu tokens, potentially increasing demand and contributing to the token’s overall value.

David Gokhshtein, a well-known advocate of the cryptocurrency Shiba Inu, recently posted on Twitter that once Shiba Inu reaches a value of 0.01 dollars, he plans to delete his Twitter account. In an earlier tweet, he had mentioned that he would sell all his Shiba Inu holdings as soon as the cryptocurrency reached that price point.

These tweets have generated much interest and discussion among the SHIB community and sparked speculation about the cryptocurrency’s future value. However, it is still being determined whether SHIB will reach the 0.01 dollar mark and what impact this will have on its supporters and investors.

Last year, the SHIB community collaborated to burn an impressive eighty-three billion tokens, despite a drop in the burn rate in September of the previous year when the token’s price declined. Unfortunately, the recent release of the Shibarium beta on March 11 resulted in a significant increase in the burn rate as the SHIB army actively destroyed these meme coins.

Half a billion to one billion coins were removed from circulation in twenty-four hours, and some transfers even burned almost one billion SHIB. According to CoinMarketCap, the second most popular meme token is trading at 0.00001073 dollars.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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