Shiba Inu Releases Shibarium Documentation, SHIB Burn Soars 1107%

• SHIB Token developers released the highly-anticipated documentation for Shibarium.
• Memecoin Shiba Inu (SHIB) hovered above the $0.00001 price range for most of 2023.
• SHIB burn rate accelerates by 1107%, with 856 million SHIB tokens burnt since last week.

The official Shiba Inu (SHIB) developer team released the long-awaited Shibarium documentation this weekend. The recently-launched Layer-2 upgrade for Shiba Inu (SHIB) ‘puppynet’ went live a few weeks ago, while the docs inviting developers to stake & validate Shibarium surfaced on March 24th, 2023.

In the recent weeks, the Shiba Inu (SHIB) community, popularly known as SHIB Army, went through a lot of controversy in regards to allegedly plagiarized Shibarium code. Soon after the accusations surfaced, it was indicated that the Chain ID duplicated another blockchain called Rinia, but later the issue was resolved.

Shiba Inu’s BONE Sees More Adoption

Following the recent controversy, Shibarium’s gas fee token Bone ShibaSwap (BONE) plunged 13.3% in the last 7 days and an eye-watering 41.4% since last month. While $BONE was heading towards the TOP 100 by crypto global market capitalization on Shibarium Beta launch, now it fell down to 162nd spot and trades at $1.07, according to CoinGecko.

However, Shibarium’s governance token received great news from the non-custodial decentralized wallet Bermuda, as $BONE was added together with $DAI stablecoin to the supported coin list. Besides, this comes just two weeks after popular American crypto exchange Crypto.com listed Bone ShibaSwap (BONE) and added a CRO/BONE trading pair.

856M SHIB Tokens Set Ablaze Last Week

While the fiery discussions between the divided camps of SHIB Army escalate on Twitter, the community has found motivation to send a colossal amount of 856,350,309 ablaze. Indeed, this has helped to maintain Shiba Inu’s (SHIB) crucial resistance line throughout the year, as SHIB stood above since 14th January 2023, with one momentous drop below the zone two weeks ago.

At press time, the 15th ranked memecurrency Shiba Inu (SHIB) trades at $0.00001052, according to CoinGecko. With a 17.7% downtrend in the last 30 days, the Japanese guard dog-themed cryptocurrency lost around $1.2bn of its market cap during the time period.

On The Flipside

• Only 29% of current Shiba Inu (SHIB) holders are making a profit, according to the crypto data analytics tool IntoTheBlock.

Why You Should Care

Shibarium, the Layer-2 solution, aims to provide faster transaction speed than Ethereum (ETH). According to the documentation, Shibarium is built on a fork of Polygon (MATIC), the blockchain that works as a scaling solution to Ethereum PoS.

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• Source: https://dailycoin.com/shiba-inu-releases-shibarium-documentation-shib-burn-soars-1107/