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HomeCrypto NewsMarket$1.2M Shibarium Gas Fee to Burn Shiba Inu: Shytoshi Kusama

$1.2M Shibarium Gas Fee to Burn Shiba Inu: Shytoshi Kusama

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The Shiba Inu ecosystem development team could be preparing for yet another hefty Shibarium-powered SHIB burn, as lead developer Shytoshi Kusama disclosed.

According to Kusama, the team will burn $1.21 million worth of SHIB using Shibarium gas fees. The lead developer made this known during an exchange with a BONE enthusiast.

In a recent tweet, the user shared a screenshot of the Shibburn dashboard, highlighting the number of BONE tokens accumulated from Shibarium gas fees.

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According to the data shared by the user, the L2 scaling solution accumulated 1,367,845.42 BONE tokens worth $1.21 million when the screenshot was taken.

Notably, the Shiba Inu enthusiast suggested that the team should use the $1.21 million accumulated Shibarium gas fee to burn SHIB and BONE.

Reacting, Kusama disagreed with the demand, emphasizing that the entire $1.21 million would be used to burn SHIB.

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3 SHIB Burns Coming This Week

However, the Shiba Inu lead did not disclose when the hefty Shibarium-powered SHIB burn will occur. Interestingly, Shiba Inu disclosed in the latest edition of its magazine that it would execute three burns for SHIB this week.

As explained in the magazine, the manual SHIB burns will occur on December 14, 15, and 16. Although Shiba Inu did not disclose how many tokens will be incinerated in the upcoming burns, the cumulative figure is expected to surpass the amount of SHIB burned last week.

Recall that the Shiba Inu team implemented the first-ever Shibarium-powered burn on December 4, incinerating 8.2 billion SHIB tokens ($73K+) in a single transaction.

Since the incineration, Shiba Inu developers have significantly enhanced burns powered by the L2 blockchain. As reported earlier, the L2 blockchain completed its first-ever hard fork as part of efforts to enhance burns.

Road to $0.01 Coveted Price

Shiba Inu community members have continued speculating that SHIB could hit the coveted $0.01 price level when the token’s circulating supply reduces drastically.

Notably, such a reduction can only occur through burns. As a result, SHIB enthusiasts have called on the ecosystem development team to boost burns.

SHIB has a circulating supply of 589,317,530,263,458 (589.31 trillion) tokens at the time of writing. Meanwhile, as of press time, SHIB changed hands at $0.00000932, down 4.3% over the past 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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