Last Updated: August 2, 2023
• Shiba Inu (SHIB) token surged by 2.5% after over three billion tokens were burnt last week.
• A preview of Shibburn dApp shows how burns are performed on Shibarium L2.
• The burn can be completed through both Shibarium L2 and Ethereum (ETH) thanks to the cross-chain bridge being developed by the devs.
Shiba Inu Token Surges After 3 Billion Tokens Burned
Last week, over three billion Shiba Inu tokens (SHIB) were set ablaze which resulted in a 2.5% price surge for this memecurrency, currently ranked 16th according to CoinGecko. Despite the burn, it was still 36.07% less than the world record set just a week prior when 3,016,073,367 SHIB tokens were sent to the depths of eternal fire in a single transaction.
Preview of Shibburn DApp Revealed
LucieSHIB, a prominent member of the Shiba Inu community, shared an exclusive preview of Shibburn dApp on Shibarium’s mainnet that showed how burns are performed on this platform. Bone ShibaSwap (BONE) is swapped into SHIB and then sent to a burning address where it is eternally destroyed from circulation forever.
Cross-Chain Bridge Enables Burning Through Both Platforms
The developers at Shibarium have been working hard on establishing a cross-chain bridge between their platform and Ethereum that would enable users to delegate their $BONE without having to swap funds first. This means that burning SHIB can occur through both platforms simultaneously if desired or needed by users in order to complete transactions quickly and easily without hassle or delay.
Burning Requirements Explained
In order for SHIB holders to execute their burn through Shibarium L2 they need 10 $BONE as explained previously in this article. This allows them to manually pre-approve all transfers before actually sending anything off for burning so that they know exactly what will be sacrificed when performing such an action – something that many crypto enthusiasts will certainly appreciate being able to do with ease and security guaranteed all throughout the process of burning their tokens safely and securely on this platform.
Shibburn dApp provides an excellent way for SHIB holders looking to destroy their coins from circulation forever in exchange for BONE tokens while also providing them with much needed peace of mind knowing that they can pre-approve all transfer requests beforehand should they choose too – something that could come in quite handy during these uncertain times we find ourselves living in right now within the crypto space as well as beyond its borders too!