In a groundbreaking development for the Shiba Inu memecoin, Shibarium, a highly anticipated project associated with the popular $SHIB token, is set to unveil a never-before-seen burning mechanism that promises to burn trillions of $SHIB tokens. Lead developer of $SHIB, Shytoshi Kusama, confirmed that the launch of Shibarium is already scheduled and cannot be altered.
Launch of Shibarium And SHIB Burn
Twitter accout for Shiba Inu updates, Shiba Archives shared the new burn mechanism. The introduction of Shibarium, accompanied by its unique burning mechanism, has generated immense excitement among members of the $SHIB team. Many believe that the launch of Shibarium will take place as early as next month, further fueling anticipation in the crypto community.
According to the $SHIB development team, Shibarium’s burning mechanism is projected to incinerate a staggering 5 trillion tokens every month. In the month of June, 1 billion $SHIB were burnt, as reported by Shibburn. This translates to a decrease of approximately 89.25% in token burn from May to June, where over $15 million tokens were burnt.
Lucie, Content Marketing Specialist from Shiba Inu team took to Twitter to talk about Burns:
Shibarium’s user-friendly portal facilitates this process, making it accessible to all. By clicking “Initiate burn” and confirming transactions, users contribute to permanently removing SHIB tokens from circulation.
Shiba Inu Price Action
Shiba Inu is trading at $0.00000766 at the press time by a minimal spike of 1.24%, continuing to be the second largest memecoin by the market cap of $4, 524,839,440. Its trading volume is up 15.64%.
According to Shiba Inu price analysis on CoinGape, the SHIB price is currently witnessing a steady downtrend but could soon trigger a trend change as the broader market shows signs of recovery.
Also Read: Litecoin (LTC) Price To Reach $140?
Adding to the recent momentum of $SHIB, CoinGape reported that Japan’s leading financial giant, the SBI Group, announced its plans to commence trading of the $SHIB token and Shibarium beta Puppynet has completed 25 million transactions since its launch on March 11.
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