- The SHIBARMY community wants Binance to list Shibarium network and $BONE token.
- Shibarium Network’s recent upgrade will burn 70% of transaction fees in SHIB tokens.
The SHIBARMY community is rallying for Binance to include the Shibarium network and the $BONE token on its platform. A recent appeal by the user Shib Spain highlights Shibarium as a leading Layer 2 (L2) solution known for its advanced technology, efficiency, and low transaction fees.
A recent advancement in blockchain technology is the Shibarium network, which has attracted much attention due to its secure and fast transaction processing.
Hey @binance you can consider to support and add #Shibarium Network, and listing $BONE token on your platform, Shibarium is a top L2 Network in technology, safe, fast transactions and cheap fees. And it is supported by a great and friendly community, #SHIBARMY ✨ pic.twitter.com/OFfm3OoglU
— Shib Spain (@ShibSpain) August 9, 2024
Shibarium is cheap and secure regarding network transactions, so it is popular among many people. The network is an Ethereum mainnet rival, which offers lower costs per transaction and increased transaction throughput, which is why it is considered one of the prominent players in the blockchain field. Besides Shibarium, the $BONE token is another essential part of the SHIB ecosystem and the Shiba Inu family.
SHIB Burn Rate Skyrockets, Reducing Token Supply
In the last 24 hours, Shiba Inu’s burn rate has soared dramatically. The burn rate increased by almost 140,000%, with around 105 million tokens transferred to a zero address. This is quite significant given that the 114.7 million SHIB tokens were burned within the last week only.
Although the USD value of the burnt tokens is negligible, continuous burning may help elevate the price of SHIB. The program is designed to reduce the extremely high supply of SHIB, which could lead to an increase in its value if demand does not fall or even rise.
The Shiba Inu team has already burned more than 41% of the total supply, about 410.7 trillion tokens. This then brings down the circulation supply to approximately 583 trillion SHIB.
SHIB has been up 6% over the past 24 hours, with the current value of one SHIB being $0. 00001411. This is an increase of 30% from the recent low observed in the crypto market on August 5.
SHIB Ecosystem Expands Beyond Core Token
Apart from the increase in the burn rate, other Shiba Inu metrics are also looking up. Data from IntoTheBlock shows that transactions above $100,000 per day have increased by 52% to more than $20 million. There has also been a slight growth in the daily active SHIB addresses.
These positive trends indicate increasing demand and higher user engagement, potentially leading to price appreciation. At present, about 47% of SHIB investors are experiencing paper gains, while over 50% are in the red. In the bull run that occurred in mid-March, around 63% of the investors were in the green.
On August 9, Shibarium Network introduced a significant upgrade to its ecosystem: the Bor version v1. 1. 2-bone. This most recent update aims to improve the token burning feature, which is expected to affect the Shiba Inu (SHIB) ecosystem greatly. The upgrade is expected to enhance the effectiveness of how transaction fees are incorporated into the deflation model of the SHIB token, which in turn, will produce more anticipation from the community.
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