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SHIB’s Shibarium Public Beta Is Planned For Deployment In Q3

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SHIB’s Shibarium Public Beta Is Planned For Deployment In Q3

The shiba inu crypto community is anticipating the launch of the layer two (L2) scaling solution Shibarium after it was revealed that the public beta will launch in the third quarter. According to shiba inu developers Shytoshi Kusama and Ryoshi, the layer two solution will bring transaction fees down considerably and possibly to zero.

Shiba Inu’s L2 Solution Shibarium to Launch in Q3, Ethereum Whale Acquires 163.2 Billion SHIB

The meme token shiba inu (SHIB) has seen a 33.6% gain against the U.S. dollar during the last seven days and much of the rise revolves around the Shibarium announcement. Furthermore, an ethereum whale purchased 163.2 billion SHIB during the last 24 hours worth around $1.74 million using today’s SHIB exchange rates. There’s been a lot of discussion about the L2 scaling solution Shibarium on the project’s Discord server. and

Furthermore, the Unification Foundation, a team of developers behind Shibarium, revealed a few updates about the upcoming project. According to the Unification Foundation, Shibarium was launched in a private setting during the alpha testnet phase. The developers explained that the results were successful and “the primary tool under heavy development is the wallet application.”

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The Unification Foundation’s Maziar Sadri further added:

The Shibarium Public Beta Testnet is planned for deployment in Q3, to coincide with the FUND Testnet upgrade which includes the much anticipated IBC/Gravity/wFUND updates. The public Beta Testnet will allow parties to fully interact with the network, including the validation process.

Year-to-Date SHIB Is up 56% Against the US Dollar

While SHIB is up 33.6% during the last week, it is still 87.6% down from the all-time high the token saw in October 2021. Despite this, year-to-date, the SHIB token is still up 56% today against the U.S. dollar. At the time of writing, SHIB holders making money at the current price is around 23% according to Into the Block statistics. SHIB has a large concentration of whales as Into the Block metrics indicate that SHIB’s concentration of large holders is roughly 81%.

SHIB also has a burn strategy that aims to make the crypto asset more scarce by allowing people to burn SHIB in the burn portal. While burning helps reduce the SHIB supply there’s 589,390,205,650,282 SHIB in circulation today. While shiba inu has gained more than 33% during the past week, 10.1% was gathered during the last 24 hours.

What do you think about the upcoming Shibarium launch? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial feature photo credit: Dennis Diatel

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Altcoin Market

Shiba Inu Burn Rate Hits 26,000% In The Last Day, 1.4 Billion SHIB Destroyed In 24 Hours

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Shiba Inu Burn Rate Hits 26,000% In The Last Day, 1.4 Billion SHIB Destroyed In 24 Hours

On Saturday, the second-largest meme-based cryptocurrency shiba inu has seen a lot of tokens burned during the last 24 hours. According to statistics, the network’s burn rate has increased by 26,592% as 1.4 billion SHIB has been destroyed.

Shiba Inu Burn Rate Increases Significantly

On February 22, a SHIB team member named “Archangel” revealed that the project would have a decentralized exchange (dex) called Shibaswap 2.0 with a burn portal. The portal is meant to help bolster a deflationary supply and in mid-March, SHIB team members launched a project defense team called Defense Breed.

The Defense Breed aims to enhance SHIB’s “communication and transparency” and “protect the ecosystem from any malicious projects or persons from trying to take advantage of the community.” Now the shiba inu (SHIB) supply is burning tokens at an extremely fast rate, much faster than the likes of Ethereum’s burn rate.

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Data from shibburn.com on Saturday, April 9, 2020, at 10:00 a.m. (ET).

Statistics from shibburn.com show that 1.4 billion SHIB has been burned in the last day at a rate of 26,592%. On March 14, SHIB’s burn rate was 6,700%, or 745 million SHIB destroyed in a day. For some comparison, the Ethereum blockchain destroyed 4,098 ether during the last 24 hours. Ethereum’s 24-hour value burned is far more valuable at $13.2 million burned in the last day. SHIB’s 1.4 billion tokens burned, on the other hand, is only worth $34,554.

Shiba Inu Team Member Says ‘Burning SHIB Is a Core Aspect of Our Ecosystem’

During the last five hours, three addresses alone burned 59,998,118 SHIB or $1,448 worth using today’s SHIB exchange rate. SHIB has not had the best week as the meme-token has lost 7.6% during the last seven days. Year-to-date, however, SHIB has gained a whopping 39,795% against the U.S. dollar.

Data from shibburn.com on Saturday, April 9, 2020, at 10:00 a.m. (ET).

SHIB is the second-largest meme-based asset in terms of market capitalization as it hovers beneath dogecoin (DOGE). While DOGE has a $19.1 billion market cap, SHIB’s market valuation is around $13.2 billion, ranked number 15 among 13,617 cryptocurrency market caps.

According to SHIB’s project leaders, the Defense Breed will be in charge of screening partners, collaborations, and incoming projects. In the blog post concerning the Defense Breed, a SHIB team member dubbed “Trophias” explained the importance of the SHIB burn portal. “Burning SHIB is a core aspect of our ecosystem and we are always exploring new options to burn SHIB via utility,” Trophias said at the time.

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Altcoin Market, Altcoins, Archangel, Burn Portal, Burn Rate, Burn rate daily, Burning, daily burn, daily burn rate, Destroyed Tokens, DEX, Doge, dogecoin, Ethereum blockchain, Meme Coin, shib, SHIB blockchain, SHIB burn rate, SHIB project, SHIB team, shiba inu, Shibaswap 2, Trophias

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What do you think about Shiba Inu’s burn rate spiking above 26,000% during the last 24 hours? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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