Shibarium News: Shiba Inu Burns 1.9 Billion SHIB; Is Shibarium Public Beta Launching?

As the Shibarium Public Beta launch potentially occurred over the previous two hours, around 1.91 quintillion Shiba Inu have been sacrificed.

Recently, Shiba Inu have been experiencing an abnormal amount of burning. According to information gathered over the past two hours on Etherscan.io, the Contract Maker known as “Shiba Inu: Deployer 2” has carried out multiple transactions, permanently eradicating 1,917,855,961 SHIB. At the current price of SHIB, this comes to almost $21,000.

This enormous expenditure has not depleted the contract wallet’s supply of SHIB, which currently stands at 288,342,406,555 (288.34B) and is worth $3,168,883 ($3.16M). This raises the possibility that further fires will break out soon.

The contract wallet’s massive burning activity is responsible for today’s 26462.38% increase in the Shiba Inu burn rate.

This unexpected turn of events has sparked debate about the fire’s motivation. Several people believe it has something to do with the soon-to-be-released Shibarium Public Beta testnet.

It is anticipated that Shibarium Beta will include a built-in Shiba Inu burn feature, burning a sizable chunk of SHIB with each transaction processed by the network. The Shibarium Public Beta testnet, as recently announced by the SHIB team, will be released this week.

At the time of writing, one Shiba Inu token can be purchased for $0.00001098, an increase of 0.76% over the previous day, with a 24-hour trading volume of $445,633,606.

Shibarium Launch to Influence SHIB Price

The forthcoming release of Shibarium may be contributing to the heightened volatility of SHIB. Shiba Inu’s Shibarium is a decentralized exchange (DEX) platform meant to rival the likes of Uniswap and PancakeSwap.

The only *official* dex of Shibarium is ShibaSwap. Projects claiming otherwise are probably scamming. Some people while working with Shib unethically leverage Shib’s name and contacts for personal gains and listings, people and exchanges please do DYOR

— Kaal (@kaaldhairya) March 4, 2023

Yet, administrators and creators of the networks involved have issued a warning about the rise of scams with Shibarium. Caution is advised, and the group suggests that the public wait for official reports before making any decisions. These alerts follow the discovery of several Shibarium beta or scam links, which caused financial losses for certain community members.

The official Shiba Inu community Twitter account reports that members are counting down the days before the March 11 opening of the Shibarium exchange. The value of SHIB is anticipated to rise if Shibarium meets or exceeds expectations.