Shibarium Team Confirms That Every Transaction Will Require $BONE and Burn $SHIB

Staff behind the shibarium, a layer 2 blockchain designed to fill the gaps in the ethereum host string of the $shib token, Low Speed & High Transaction Cost, reported good news for $shib hodlers.

Here is what BINANCE Academy  about Shiba Inu ($SHIB):

“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer called ryoshi, who designed shib as an alternative to dogecoin (doge) on blockchain ethereum.

“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The shib roadmap and ecosystem also includes an art incubator, known as a shiba artist incubator, 10,000 shiboshi, and a shiboshi game.

“Shiba Inu had an initial supply in circulation of one quad tokens. Ryoshi locked 50% of the chip in unison to create cash, and sent the other 50% to ethereum co-founder vitalik buterin portfolio. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“

On 6 July 2022, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ($SHIB) project, published a blog post, in which he had this to say about Shibarium:

“Shibarium is a key component in this uncanny war we find ourselves in as it will allow us to move assets on chain with minor BONE (gas) fees empowering micro transactions… For the time being, everything is always on track, and we are making progress as quickly as possible to complete this essential component of our ecosystem. XFUND and SHIB Developers still have to schedule a public beta.“

Well, earlier today, the Shibarium team confirmed that Shibarium, the testnet of which is expected to go live sometime in the next several weeks, will require using $BONE to pay for transaction/gas fees and will burn $SHIB with every transaction (thereby making $SHIB more scarce, and potentially increasing its value):

In 2022, 83,347,071,504 $SHIB tokens were burned:

Currently (at 10:28 UTC on January 11, 2023), on Coinbase, the HSIB dollar is trading at approximately $0.00000895.