Shiba Inu marketing strategist Lucie has revealed that higher Shibarium gas fees may be advantageous for Shib Burn. She revealed this via a post on her X (formerly Twitter) account stressing the importance of using Shibarium to this end.
In the post, Lucie explained in detail how utilizing Shibarium can increase burns at an extra cost to Shiba Inu users. She explained that introducing millions of users to Shibarium will be time-consuming and require community effort.
Lucie went on to promise that further information about the burn method would be revealed in subsequent documentation but pointed out that it had already been explained over the last 6 months in a provided Shibarium document. Furthermore, she stressed the importance of more people joining the Shibarium network as it will in turn be good for SHIB token burns.
Users should expect higher Shibarium gas fees
Lucie continued with the question of whether Shibarium users should subsequently expect increased gas fees. “Can we expect higher fees? OF COURSE,” she wrote, then proceeded to explain how higher traffic on the Shibarim network will drive up the gas fees.
Advertisement
Related Reading: Over 4.6 Trillion SHIB Tokens Moved in a Single Transfer From Bitvavo
WE NEED TO USE #Shibarium
It won't burn $SHIB if you don't use it!Onboarding millions of people to Shibarium will take time and community effort.
More information about burns will be revealed in the upcoming documentation.
BUT it has been clearly explained in… pic.twitter.com/xjo27NlPP8
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 4, 2023
Lucie attached to her tweet a screenshot of a year-old Discord conversation by Shytoshi Kusama – lead developer. In the conversation, Kusama talked about the frequent suggestions from people to burn the entire SHIB supply.
He pointed out that burning the total Shiba Inu tokens in circulation will require billions of dollars, so instead they have implemented another plan that involves using Shibarium to increase the number of Shib Burns.
“Occasisonally I get messages like BRO burn the entire supply of SHIB. So I sat with Kaal and we figured it would cost in the billions to burn SHIB to get a truly world-changing significant rise in price. To do so, we have implemented a plan like the one you are seeing,” he wrote.
The way the process works is that developers set aside a percentage of the gas fees in BONE tokens, which are eventually converted to SHIB and transferred to dead-end wallets.
Over time, a total of 410 trillion SHIB tokens have been burned still remaining over 570 trillion in circulation according to data from Shibburn. 43,679,654 (43 million) Shiba Inu tokens have been successfully removed from circulation over the last 24 hours. At the time of writing, SHIB is currently trading at $0.000007 and the price is down 1.27% in the last 24 hours.
As earlier reported by 36crypto, Shibarium has successfully achieved a new milestone as the number of users on the network surpasses 1 million.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.