According to the official Twitter handle of the Shiba Inu (SHIB) crypto project, the Public Beta launch of Shibarium is scheduled to happen this week. But the exact day and time are yet to be told to the public. 

As per the update shared on Twitter on Tuesday, the Shibarium team will subsequently share all the necessary guides and information needed to navigate the layer-2 scaling solution website. 

The tweet read, “Attention ShibArmy. We’re thrilled to announce that Shibarium Public Beta will be launching this week! Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib!”

Notably, the Shibarium innovation which was first spoken of in 2021 by Shiba Inu developers is a second-layer blockchain platform on the Shiba Inu network. It aims to make the second-largest decentralized crypto network more scalable and fast. 

Also, Shibarium is a low-cost, powerful, and decentralized global system designed to enhance the growth of various businesses, projects, and platforms. 

It bears mentioning that the Shibarium team is currently accepting collaborations in different capacities including content creation, and running a validator node amongst others. So far, over 3,000 intake forms have been submitted via the Shibariumtech website. 

LucieSHIB, a top Shibarium proponent confirmed this via a tweet adding that anyone can apply to partner or work with the layer-2 project as there is no deadline. 

She wrote, “Over 3000 intake forms have been submitted to Shibariumtech. The first to receive a response was the content creator, new project owners, and tokens. Not all .. still in progress. There is no deadline – you can always apply.”

To become a Shibarium network validator, one of the known requirements is holding at least 10,000 BONE tokens, Lucie also revealed.

BONE, the native and governance token of the Bone Shibaswap ecosystem has been performing nicely following the expectation of Shibarium. Last week, BONE got listed on the Crypto.com trading App, enabling it to be spent at over 80 million merchants.

Related: Shiba Inu Set for Fresh Meteoric Price Surge? Here’s How Shibarium Brightens SHIB Fundamentals

In addition, support for Shibarium has been high even though the project is yet to go live. As earlier reported, NOWNodes, a leading blockchain–as–a–Service (BaaS) provider announced that it would be among the first node providers for the upcoming Shiba Inu layer-2 scaling solution.

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While the Shiba Inu community and investors are hoping to see a rally in the price of the SHIB token, possibly to $1 in the future, a top Bitcoin(BTC) and crypto investor/analyst, Lark Davis, recently shared a meme with the inscription, “SHIB will never be $1.”

$shib pic.twitter.com/kKFKSx3J1T

— Lark Davis (@TheCryptoLark) September 13, 2022

Of course, this tweet has caused a lot of fuss and has probably mashed the hope some SHIB investors’ had on the project. However, this isn’t a sure verdict for the community-driven token project, but rather a personal impression. On the other hand, SHIB hitting $1 could take a lot of time depending on how much investment goes into the token project.

Read Also: Amazon’s Impact Boosts Shiba Inu (SHIB) Burn Rate By 888%

SHIB in the Market

Though Shiba Inu (SHIB) is the thirteenth largest virtual currency by market capitalization, its value is still very low, probably due to the volume of its tokens in circulation. It is worth noting that the circulating supply of Shiba Inu (SHIB) currently stands at 559.54 trillion. 

Data shows that the highest price that SHIB has ever attained was $0.00008845 and it was in October 2021. With a market cap of approximately $7.13 billion, SHIB is trading at $0.00001291 at press time. 

To reduce the circulating supply of SHIB and also enhance its price growth rate, the Shiba Inu community has been engaging in a daily burning of the SHIB token. At the time of writing, a total of 410.38 trillion has been burned from the initial token supply, according to the Shibburn tracker.

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Considering the large supply of the second-largest dog-themed token, Shiba Inu, the community launched a burn initiative to reduce the circulating supply of the token. More so, to incentivize Shib burning, the Shib Burn Portal reward token, Ryoshi was introduced.

Ever since the start of this initiative, the teeming community members have consistently been sending millions of SHIB tokens to dead wallets. Accordingly, the circulating supply of Shiba Inu has been recording a steady reduction in quantity. 

Read Also: New Record SHIB Burn: 31 Billion Shiba Inu Tokens Destroyed In May

August SHIB Burn Report

Every month, billions of SHIB tokens are bent to dead wallets through different community strategies. Due to the community’s yearly burn target, the teeming ShibArmy removed a large volume of SHIB tokens in August. 

According to the monthly SHIB burn report by the Shibburn tracking platform, 3,785,744,343 SHIB tokens have been burned in August via 528 transactions. 

3,785,744,343 $SHIB tokens have been burned in the month of August with 528 transactions. #shib #shibarmy

— Shibburn (@shibburn) September 1, 2022

In comparison, more SHIB tokens were destroyed in July than in the last month. A total of 4.7 billion SHIB tokens were permanently removed from Shiba Inu’s circulating supply in July.

Regardless, the Shiba Inu community’s initiative to burn a huge percentage of SHIB tokens continues to make headway.

Read Also: Here’s the Latest Regarding SHIB: The Metaverse: Details

It is worth noting that the major contributors in August included the ShibaBae token, 1Cent token, and Travis Johnson’s SHIB Super Store. Amazon’s contribution also boosted the Shib burn rate last month. 

While the ShibaBae token destroyed a total of 519,403,367 SHIB in August 2022, the 1Cent token burning strategy removed 286,013,545 SHIB courtesy of its Five Burn Events per week in August 2022, in five transactions only. 

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Shiba Inu has been among the top performing cryptocurrencies in recent days and has been trending for several days on the leading crypto data-tracking platform, Coinmarketcap. At the time of writing, it is the most trending digital asset on Coinmarketcap. 

In consequence, the price of the decentralized dog-themed token (SHIB) spiked significantly hitting $0.000018 on August 14 after many weeks of trading below the $0.00001 mark. 

While this price surge happened, a drastic reduction in the burn rate of Shiba Inu (SHIB) was recorded. According to the Shibburn website, a platform that tracks SHIB burn activity, the SHIB burn rate declined by over 75% on August 17. 

Read More: Shiba Inu Continues To Trend, Over 100 Million SHIB Destroyed in the Past 48 Hours

SHIB Burn Rate Spikes Over 342% 

The Shiba Inu community is back to the business of burning large volumes of SHIB tokens daily. The overall aim of this activity is to reduce the circulating supply of the second-largest decentralized meme token, which would aid the price of the digital asset to grow tremendously. And considering recent price spikes in the market, the SHIB burn initiative is starting to pay off.

Notably, Shib’s burn rate has increased by over 342% compared to the number that was burned on the 17th of August. According to Shibburn.com, more than 64 million SHIB tokens have been destroyed within the last 24 hours.

“In the past 24 hours, there have been a total of 64,506,471 SHIB tokens burned and 10 transactions. Visit shibburn.com to view the overall total of SHIB tokens burned, circulating supply, and more,” Shibburn earlier tweeted.  

In the past 24 hours, there have been a total of 64,506,471 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) August 18, 2022

Shibburn also disclosed that 4,306,870 SHIB tokens were taken out of circulation in 4 transactions in the past 4 hours.

In the past hour, there have been a total of 1,861,986 $SHIB tokens burned and 1 transaction. #shibarmy

— Shibburn (@shibburn) August 18, 2022

In one transaction, a total of 1,861,986 SHIB tokens were burned. 2,000,000 SHIB tokens were later transferred to a dead wallet in two transactions of an equal amount. In the 4th transaction, 444,884 SHIB were destroyed.

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Shiba Inu (SHIB) Token Burn Movement

It might interest you to know that in the past 24 hours,  a whopping 132,886,347 SHIB tokens have been burned via 17 transactions, in the popular memecoin ecosystem.

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In the past 24 hours, there have been a total of 132,886,347 $SHIB tokens burned and 17 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) July 4, 2022

According to Shibburn, a platform that tracks burning in the Shiba Inu ecosystem, “in the last 7 days, there have been a total of 1,312,416,725 SHIB tokens burned and 121 transactions.” With these figures, Shiba Inu (SHIB) reclaimed the burning of 1 billion SHIB tokens in a week.

In the last 7 days, there have been a total of 1,312,416,725 $SHIB tokens burned and 121 transactions. #shibarmy

— Shibburn (@shibburn) July 3, 2022

In a similar manner, the 1CENT ecosystem recently destroyed 190 Bone ShibaSwap, the governance token of the Shiba Inu ecosystem, in one transaction.

Also, the project which is dedicated to taking some Shiba Inu tokens out of supply burned a total of 39,607,555 worth about $9.60 million, in its latest weekly burn edition.

WEEKLY BURN$BONE 190https://t.co/HnmYSVbLEL $SHIB 39,607,555https://t.co/dntvdXuenl #1CENT #shiba #Shibarmy #xcent #altcoin@1CentEcosystem @shibainuart @ShibaInuSwap pic.twitter.com/vA35gVQNQi

— 1Cent (@1Cent_token) June 27, 2022

Likewise, the SHIB Super Store Twitter handle reported that the project incinerated approximately 51 million SHIB tokens on July 1st.

Burn!

51+M SHIB
($513.27)

Bringing our total June burn to 250M SHIB!

Good job everyone!

February was our peak burn month, but we have so many more opportunities than we did back then! Let's make July our new peak burn month!https://t.co/d0goxr6syshttps://t.co/0TLyozjJHH pic.twitter.com/WQoiF2BmmC

— SHIB Super Store (@shib_superstore) July 1, 2022

To note, 1CENT and Travis Johnson’s SHIB burn games are both on the list of the top SHIB burners project.

Read Also: Did You Know that Shiba Inu Burned Coins Value Have Exceeded the Market Cap of MATIC?

Expectations

The Shiba Army seems to be very relentless and committed to the SHIB token burn movement. This is evidenced in the consistent large-volume burn transactions recorded daily. 

In turn, the overall aim of reducing the circulating supply of the token is being achieved. Shibburn data reveals that the total burnt tokens from the memecoin’s initial supply amount to 410,371,727,918,931 tokens, at press time. More so, it is believed that a reduction in token supply could cause the asset to experience an increase in price.

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Massive SHIB Burn

Lately, the Shiba Inu community has been very interested and focused on reducing the memecoin’s circulating supply. According to Shibburn, a platform that tracks the details of SHIB tokens destroyed, the total burnt tokens from the memecoin’s initial supply amounts to a whopping 410,371,727,918,931 tokens, at press time.

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This huge number of destroyed Shiba Inu tokens has been achieved courtesy of burnings from individual holders who seek to earn the burn portal rewards (Ryoshi Rewards) and the many businesses as well as entities that have adopted the token.

Comparatively, the total market capitalization of MATIC (polygon) sits at approximately $3.74 billion, at the time of writing. Whereas the amount of SHIB tokens burnt so far is estimated to be about $4 billion.

More so, Shiba Inu, the popular dog-themed coin, ranks above MATIC on Coinmarketcap with a total market capitalization of $5.6 billion. Regardless, MATIC has a higher price value than Shiba Inu. The memecoin’s low price value could be attributed to its excessive total supply compared to MATIC’s moderate total supply.

Read Also: Shiba Inu (SHIB) Can Now Be Used To Pay For Uber Eats and DooDash Services

In a bid to reduce the circulating supply of Shiba Inu (SHIB) and in an attempt to push the token’s price higher, the community decided to launch the burn portal. Interestingly, the initiative continues to record huge successes as more and more SHIB tokens are sent to dead wallets daily.

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Shiba Inu and Switchere Exchange: How It Started

In late May 2022, MilkShakes notified the Shiba Army in a tweet, of a planned discussion session with the Switchere crypto exchange, with the bone of contention being the SHIB token ecosystem.

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This intended dialogue was birthed after the Estonian crypto exchange sealed a collaboration with NOWPayments.io to provide yet another use case for Shiba Inu (SHIB) token.

Meanwhile, “MilkShakes” is a Twitter account that aggressively promotes Shiba Inu and stays bent on updating SHIB holders with the latest news and developments surrounding the meme coin. MILKSHAKES is also said to be the official Shiba Inu community growth member.

Subsequently, MilkShakes updated the Shiba Inu (SHIB) army in early June 2022 of a successful ‘communication’ with Switchere, stating that the crypto exchange hopes to support the  Shiba Inu project. Of course, this update was received with excitement by one of the strong communities in the space.

Read Also: Analytics Firm: Shiba Inu (SHIB) Could Reach $5 by 2050

How it is Going

On this day, Switchere exchange and MilkShares have been seen conversing on Twitter in a not-so-explicit manner, with the use of  ‘winks’ emojis. However, their reactions are being assumed and interpreted by the community to be a signal for a concluded dialogue between both parties.  

Is SHIB moving to reach the 1500 Islands? At the moment, nothing seems to be very certain. Nonetheless, there is a handful of indications to confirm that the Switchere crypto exchange is likely to list the Shiba Inu (SHIB) token or roll out some kind of burning feature for the memecoin.

Therefore, it is safe to say that a potential partnership and/or collaboration between these two parties might just be around the corner.

Read Also: Shiba Inu’s Whale Transactions Surge 888% as SHIB Price Gains 15% to Outperform Top 20 Cryptos

About Switchere Exchange 

Prided as a safe, transparent, and fair crypto exchange, Switchere is one of the most reliable exchanges with guaranteed legal compliance and a solid infrastructure for the trading of various cryptocurrencies. Founded in 2019, the company has received the license to provide financial services to the public. Interestingly, users can use either Visa, Mastercard, or Maestro debit or credit cards to purchase digital assets.

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The AMA was live on Twitter and attended by a number of Shiba Inu diehard community members, such as Shiba Inu lead developer Shytoshi Kusama, prominent game developer William Volk, among others.

In the course of the AMA, the Shiba Inu team disclosed that a burn portal where SHIB circulating supply will be drastically reduced is underway. The burn is expected to be featured in the upcoming ShibaSwap 2.0.

Read Also: New Strategy That Could Send Shiba Inu (SHIB) Price Up To $0.1 Unveiled

The SHIB team noted:

“We want to make the burn rate grow with the utilization rate of the platform. So if you think about it, this is kind of a new utility. It’s about getting the supply slowly reduced as you use the platform.”

#ShibaGuruAMA starting soon, join now, and get ready! https://t.co/5CtjrkNby2

— Shib (@Shibtoken) February 23, 2022

Updates on Shiba Metaverse Land Sale and Shiba Inu Game

The SHIB team also revealed their plan to launch 99,000 plots of Shiba metaverse, Shiberse, land. It’s said to be featuring several real estate properties.

According to the team, phase 1 will launch a total of 35,000 pieces of land for LEASH holders, while the rest will be released for everyone subsequently. The cost of the metaverse landed properties will be determined by how close they are to the dog park. The maximum a wallet can buy is 100 plots with a 10 by 10 land.

It’s worth noting that Shiboshis will get 2000 lands that will be reserved exclusively for Shiba Inu non-fungible token (NFT) holders.

Read Also: Floor Price Of Shiba Inu NFT (Shiboshi) Spikes Following Launch of DoggyDao

In relation to Shiba Inu game, the prominent game developer William Volk, during the AMA, stated that the upcoming Shiba Inu game will be different from the usual card games.

William Volk noted:

”I want to make it clear this is not just a clone of an existing game. Collectible card games are really kind of unique. Something that is very interesting about it is that it has a very sustainable economy. It includes both the mobile and blockchain game,” Volk added. 

The community is also kept abreast of an unforgettable and important announcement expected to come subsequently.

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Unlike 20 million and 100 million SHIB that is worth $570 and $2,854 respectively, which get burned on a daily basis, burning 1 trillion SHIB tokens represents a whopping $28.56 million at current prices. Cooper believes this is achievable.

Read Also: Is This Microsoft’s Teaser Meant for Shiba Inu Community? Details

How Could 1 Trillion SHIB Tokens Burn So Fast?

According to Steven Cooper in one of his recent tweets, the SHIB army could expand almost twice, from relatively 1,170,000 to at least 2 million, with each member holding at least 294.5 million SHIB.

He then said if 1 million holders start sending $30 worth of SHIB daily, then one trillion SHIB will be burned in total.

Steven Cooper tweeted, “If 2 million holders held 294.5 million #shib the supply would be gone. The math is there. Now add in massive initiatives for burning and you have a winning combination. Remember, 1 million people burning around $30 is 1 TRILLION coins gone forever.”

If 2 million holders held 294.5 million #shib the supply would be gone. The math is there. Now add in massive initiatives for burning and you have a winning combination. Remember, 1 million people burning around $30 is 1 TRILLION coins gone forever. pic.twitter.com/7Rd9nOjNHD

— Steven Cooper (@iamstevencooper) February 11, 2022

Read Also: Shiba Inu Whales Are Back: SHIB Transactions Greater Than $100k Reach Multi-Month High At $389M

26.3 million SHIB burned in past 24 Hours

According to the data provided by the Shibburn, over the past 24 hours, a total of 26,303,773 Shiba Inu tokens have been sent to dead wallets, which implies that all the tokens have been permanently removed from the SHIB’s circulating supply.

Shibburn tweeted, “In the past 24 hours, there have been a total of 26,303,773 $SHIB tokens burned and 21 transactions.”

In the past 24 hours, there have been a total of 26,303,773 $SHIB tokens burned and 21 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) February 13, 2022

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