Shibarium documentation is about to be released, SHIB community looks forward to that
According to a message posted in the official Shibarium Telegram chat (SHIBARIUM TECH), the documentation on Shibarium has been completed and will be released “very soon.” Currently, a top developer of Shiba Inu, Kaal Dhairya, is checking it “to make sure everything is fine.” However, there will probably be “more things” than just the docs released, according to the message.
Curiously, these documents were promised to be released a year ago, as well as Shibarium itself, and the phrase “very soon” has already become typical of SHIB developers when they are asked about upcoming releases. However, now that Layer 2 test network Puppynet went live on March 11, the SHIB army hopes that this “very soon” will not take another few months. After the documentation is released, SHIB proponents will be able to set up test nodes. Besides, the docs will share details on the work of Shibarium, gas operability, delegators, validators, etc.
Shibarium promises to relieve the Ethereum network, on which Shiba Inu is built, of transactions, thus making them a lot faster and cheaper. The pseudonymous Shytoshi Kusama confirmed that Shiba Inu burns will take place with every transfer on Shibarium.
Here’s how Shibarium will impact SHIB burns
The burn mechanism here is simple — a portion of transaction fees paid in BONE tokens will be changed into SHIB and sent to dead-end wallets. This way, trillions of meme coins are expected to be locked in those unspendable addresses and the overall circulating supply of SHIB reduced as much as possible to make this meme coin scarce and push the price up to the $1 level or at least to let it reach $0.01.
Prominent Shiba Inu proponent David Gokhshtein again tweeted this week that as soon as SHIB reaches the $0.01 level, he will delete his Twitter handle. Previously, he stated that as soon as Shiba Inu goes that high, he will simply sell all his SHIB bags.
Thanks to the joint efforts of the Shiba Inu community, last year, a staggering 83 billion meme tokens were burned. That large amount was removed despite a significant drop in the burn rate starting September 2022 when the SHIB price went down; these two factors seem to often be heavily correlated.
After the Shibarium beta release on March 11, the SHIB army began destroying these meme coins quite actively as the burn rate began showing dramatic rises. Cumulative amounts of half a billion and even one billion began to be removed from circulation within merely 24 hours. A couple of times, nearly one billion SHIB were burned within a single transfer.
As of this writing, the second most popular meme token is changing hands at $0.00001073, per data shared by CoinMarketCap.
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