Shiba Inu’s lead developer, Shytoshi Kusama, has responded to rumors about the burning of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) tokens supported by Shibarium. Kusama pointed out that Shibarium, the layer-2 scaling solution, has successfully completed its first significant hard fork, followed by the emergence of a series of crypto token burning models.
In response to a community member’s question about whether SHIB and BONE tokens would be burned after the hard fork, Kusama confirmed that only SHIB tokens would be burned. He stated, “No. Just Shib will be burned. Period.”
The accumulation of BONE for burning SHIB on Shibarium continues. At the time of writing, the accumulated tokens have reached 1.35 million BONE, equating to a value of over 1.2 million dollars. The community eagerly anticipates a significant SHIB burn that is expected to reduce the circulating token supply and increase the prices of tokens within the Shiba Inu ecosystem.
On December 4th, the SHIB team removed 8.24 billion SHIB tokens valued at $75,000 from circulation as part of the Shibarium burn. Furthermore, according to developer Kaal Dhairya’s statement, the team is working on a new burning mechanism to increase their burning capacity.
Shiba Inu’s burning mechanism aims to burn trillions of tokens and raise the SHIB price to $0.01. SHIB, BONE, and LEASH all recorded double-digit gains this week amid major burns and new developments. The SHIB price increased by 2% in the last 24 hours, trading at $0.00001027 at the time of writing.