Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows
October 27 2023 - 12:00PM
NEWSBTC
A prominent Shiba Inu team member has come forward to shed light on
the proper processes involved in burning the SHIB token.
Shiba Inu Burn Process Demystified In a brief X (formerly Twitter)
post on Thursday, Lucie, a popular Shiba Inu marketer provided a
detailed guideline on how SHIB users and investors should burn
their SHIB tokens. Related Reading: Bitcoin Price Rally: Analyst
Sets $45,000 Target And It’s Closer Than You Think Lucie stated
that before sending the SHIB token into a dead wallet, users should
bridge the SHIB token back to the Ethereum network first. “To
ensure the proper process, if you are a part of the Shibarium
project and wish to burn Shib, please make sure to bridge your Shib
back to the Ethereum network and then send it to the dead wallet,”
Lucie stated. She stressed the importance of this initial
step, stating that bridging the SHIB token first on Ethereum before
burning it on Shibarium, allows the original SHIB to be locked in
the bridge contract while a minted version of the SHIB token is
sent to Shibarium to be burnt. “When you initially bridge
your SHIB to Shibarium, the original Shib tokens are locked in the
bridge contract, while a version of the token is minted on
Shibarium. This means that when you decide to burn your Shib on
Shibarium, you are actually burning the minted version, while the
original tokens remain locked in the bridge contract,” Lucie
explained. Presently, Shib burn rates have been increasing as
the Shibarium layer 2 network keeps growing. According to Shibburn,
Shib burn rates are up 193.46% in the last 24 hours and continue to
rise. There have also been approximately 56,436,887 SHIB tokens
burned at the time of writing. SHIB bulls hold steady |
Source: SHIBUSD on Tradingview.com Shibarium Surges 493% In
Transactions Shibarium, an Ethereum Layer 2 blockchain network for
Shiba Inu, has recently experienced a staggering increase in
transactions. The Shibarium network recorded a 493% upsurge
in transactions sometime on October 26. A prominent SHIB X account,
Kuro SHIBArmy JPN also shared a chart of Shibarium’s daily
transactions hitting a 62,560 mark on Thursday. “Shibarium
Daily transactions are on the rise! This is just the beginning,”
Kuro SHIBArmy JPN stated. Related Reading: SEC Demands $700
Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps
Presently, the total number of transactions on the Shibarium
network is approximately 3,665,371 and the active wallet addresses
on the layer 2 network are over 1,2656,600. The daily transactions
on Shibarium have also hit approximately 13,550. The Shib
community members are currently celebrating the recent milestones
achieved by Shibarium which emphasize the strength of the growing
network and its widespread adoption. Featured image from
Shutterstock, chart from Tradingview.com
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