Shibarium will burn trillions of SHIB tokens

Twitter user @ShibaInuHodler, who has nearly 384,000 subscribers, has posted a tweet about Shibarium and the huge role he expects it to play in the burning of Shiba Inu tokens. According to the tweeter, trillions of SHIB tokens will be burned and that could be great news for the SHIB price.

This is how Shibarium will increase SHIB burns

Shibarium is the highly anticipated Layer 2 solution for the Ethereum chain, which runs the Shib network. It allows users to make many more trades. Transaction fees on Shibarium are paid with the BONE token.

Part of this fee will be converted into Shiba Inu tokens and these tokens will be permanently removed from circulation by being “burned”. That is, locked in unusable wallets by Shibarium developers.

The same is currently happening with the BabyDoge meme coin, the SHIB rival. BabyDoge developers began burning transaction fees and buybacks from Baby Doge Coin on Dec. 1, removing billions of meme coins from the circulating supply.

Half a billion SHIB tokens burned last week

According to data recently shared by Shibburn tracker, a huge amount of Shiba Inu coins have been withdrawn from circulation in the past seven days. In total, half a billion tokens were burned. Yesterday, the SHIB community destroyed 37.4 million tokens. As a result, the burn rate increased by 1,395% compared to Sunday.

The more SHIB tokens are burned, the better that is for the price of the token. It means that there are fewer tokens in circulation and the coin is therefore rarer. This drives up the price. For this reason, the launch of Shibarium can be great news for Shiba Inu investors.

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