Shiba Inu Drives Massive $342M Burn As Shibarium Finally Launches After Much Back And Forth

The core developers of the Shiba Inu SHIB/USD meme coin project have successfully launched Shibarium, their much-awaited layer-2 scaling solution, on the mainnet. 

What Happened: This launch marks a significant milestone for the project, following the timeline set by lead developer Shytoshi Kusama, who had previously confirmed the debut of the Ethereum-based Layer-2 scaling solution at the Blockchain Futurist Conference in Canada.

"The Shibarium mainnet is now ready to on-board millions who are interested in shaping a new future that honors the principles of decentralization," developers said in a statement.

The Shiba Inu ecosystem, which includes tokens such as SHIB, BONE BONE/USD LEASH, will now be supported by Shibarium. This Layer-2 solution is expected to enhance the performance and capabilities of these existing tokens. Furthermore, validators on the Shibarium network will be rewarded with a governance token named BONE, which boasts a total supply of 250,000,000.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: Data from Shibburn, a tracking website dedicated to monitoring Shiba Inu token burns, indicates a remarkable burn rate spike. Within the last 24 hours alone, over $342 million worth of SHIB was burned, accounting for a burn rate of over 50%. 

Price Action: At the time of writing, Shiba Inu dropped 9.0% over the past 24 hours, changing hands at $0.000009, according to Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next: Bitcoin, Ethereum, Dogecoin Trade Lower After Fed Minutes Indicate Rate Hikes: Tom Lee Predicts King Crypto At $180,000 Only If Spot ETF Gets Approved

Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!