Shiba Inu Burn Rate Rockets 2400% After Shibarium Goes Live

Shiba Inu's SHIB/USD burn rate spiked to 2400% in the last 24 hours, on the news of the much-awaited layer-2 blockchain Shibarium release.

What Happened: Shytoshi Kusama, lead developer of the Shibarium project, on Sunday said in a blog post that users will have the ability to build decentralized applications (dApps) on the Shibarium chain and integrate businesses on it.

He also mentioned that SHIB burns would be determined by the transactions on the network and that a new chart for total burned tokens would be integrated into the burn portal.

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Data from Shibburn revealed that the burn rate was up by over 2452% in the last 24 hours, with over 602 million SHIB removed from circulation.

In a blog post, Kusama said that early beta testers can now use the testnet, which uses tokens called Puppynet that are not in any way investments.

“All tokens on Puppynet are NOT REAL. Don’t spend you’re hard-earned SHIBS on these tokens if you see them no matter how hard people, anyone, shills,” Kusama wrote, while also sharing a link to test the Ethereum scaling protocol. 

Price Action: At the time of writing, SHIB was trading at $0.000010, up 5.80% in the last 24 hours, according to Benzinga Pro.

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