Shibarium’s official Twitter account Shibarium Network released another update on Saturday regarding the beta launch expected to take place in early 2023. The Shiba Inu Ecosystem formally announces that each Shibarium transaction will light up SHIB.

Shibarium Layer-2 Blockchain Solution is coming

Shibarium network in one tweet announced on January 6 that each transaction on the Shibarium Layer 2 blockchain will burn more SHIB tokens. The Shiba Inu community responded positively to the latest update, as burning SHIB tokens was another primary focus for the community.

“While in our last post we wanted to remind everyone that BONE serves as the required gas token for operation within Shibarium, we would also now like to formally announce that each #Shibarium transaction will burn SHIB”

It also announced that the launch of Shibarium is near, as the developers are “focused on delivery right now”. It asked users to follow announcements from official portals to keep up to date with additional information regarding the beta launch.

So far, the community has burned over 40% of SHIB Tokens from the initial supply of 1 quadrillion. The community aims to increase the burn rate to reduce the circulating supply and drive up SHIB prices. With the launch of Shibarium, the community can increase the burn rate.

In the past 24 hours, a total of 5,000,224 SHIB tokens were burned to reduce the supply of SHIB tokens, from Shiba Inu burns finder Shibburn. Only 4 transactions contributed to the blaze as investors accumulated more SHIB tokens amid the Shibarium launch speculation.

Previously, Shibarium Network confirmed that BONE remains the only token selected for gas cost and usage. Therefore, no other tokens are needed to operate within the ecosystem. It caused the BONE price to rise more than 20% in a single day, reaching a high of $1.15.

Shiba Inu (SHIB) price is currently trading at $0.000008482, up 2% in the last 24 hours. Meanwhile, BONE price is up 1% in the past 24 hours from a low of $1.03. The price is currently trading at $1.09.

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Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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