Shibarium Confirms Every On-chain Transaction Would Burn SHIB Token

• Every transaction on Shibarium would burn a Shiba Inu token.
• The Shibarium team reaffirmed that BONE would be the only token for paying gas fees.
• BONE token ranks at position 121 with a market cap below $200 million.

Shibarium, the layer two blockchain scaling solution, has officially confirmed that every transaction on its network would burn a Shiba Inu (SHIB) token. Shibarium announced the update on Twitter today while reaffirming that BONE would be the required gas token for operability on the blockchain.

This new burn mechanism may potentially shoot up the price of SHIB, given that its current circulating supply exceeds 500 trillion units, with a market value of slightly above $4 billion. SHIB currently trades at $0.000008511, with a 3% increase in the last 24 hours.

Yesterday, the Shibarium team clarified rumors circulating in the crypto community about what token the network would use to facilitate transactions. It said that BONE is the only selected gas token for transactions.

It added:

Shibarium has been developed for Shibtoken and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.

At the moment, the crypto community eagerly anticipates the launch of the upcoming Shibarium Beta Network.

According to the market tracking platform, CoinMarketCap, the BONE token ranks at position 121 with a market cap below $200 million. It currently trades at $1.1 after crypto traders bought and sold nearly $7 million worth of the token.

According to an official note, BONE is a governance token of the Shibaswap ecosystem, allowing the SHIB Army to vote on upcoming proposals. The more BONE coins a user holds, the more weight their vote carries in these future endeavors.