   
The supply of Shiba Inu choke tokens is about to run out of steam when the much-anticipated Shibarium Network launches, according to Saturday’s update to Shibarium’s official Twitter account, Shibarium Network.
According to the post, every Shibarium transaction will burn SHIB.
“In our last post, we wanted to remind everyone that BONE serves as a token for the gas needed to run Shibarium; we also now want to officially announce that every Shibarium transaction will burn SHIB.” read the statement.
Burning refers to sending tokens to a dead wallet address to reduce the circulating supply. Since its launch in 2020, Shiba Inu, the world’s second largest meme cryptocurrency by market capitalization, has always been a problem for the community due to the sheer amount of tokens being supplied.
While about half of SHIB’s supply has already been destroyed, its followers continue to push for more burning tactics to reduce the remaining 589.6 trillion tokens. In theory, token burning is anchored on the fundamental economic principle that when supply exceeds demand for a good or service, prices fall and vice versa.
   
The announcement comes after the team hinted at the “soon launch” of the Shibarium layer-2 protocol. In a tweet on January 5th, the developers thanked the Shiba community for “bringing such energy and excitement” around the upcoming Shibarium Beta network, which they noted will be a phased introduction.
The SHIB community was also warned not to fall for rumors that Shibarium would require tokens other than BONE to use.
“This is to confirm and confirm from our official source that BONE remains the only token of choice for gas charges and usage. No other tokens will be needed to operate within the protocol.”
According to the developers, Shibarium was developed for the Shiba Inu, not for the sake of other projects that claim ownership or speculation related to the dependence of its functionality on any other signs.
Furthermore, they noted that the Layer 2 protocol is owned by the community, adding that it will provide a solid foundation for innovation and growth for the Shiba Inu ecosystem. While the developers have yet to announce a soft launch date for the protocol, rumors suggest that it could happen in the first quarter of 2023.
Meanwhile, the Shiba Inu community is excited by the prospect of a startup contributing to ecosystem tokens. Over the past week, SHIB and BONE are up 23.68% and 29%, respectively, according to CoinMarketCap.
Comments