March 13, 2023 3:46 AM | 1 min read
Shiba Inu (CRYPTO: SHIB) is firing on all cylinders after Shibarium, a layer-2 blockchain, went live.
What Happened: Shytoshi Kusama, the lead developer of the Shibarium project, announced in a blog post that users would be able to build decentralized applications (dApps) on the chain and set up businesses.
He further mentioned that SHIB burns would be calculated based on the transactions taking place on the network, with a new chart for total burned tokens integrated into the burn portal.
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Data from Shibburn revealed that the burn rate had surged by over 2452% in the past 24 hours, with over 602 million SHIB tokens disappearing from circulation.
Kusama also mentioned in his blog post that beta testers were now able to access the testnet, which uses tokens called Puppynet, which are not investment instruments.
“All tokens on Puppynet are NOT REAL. Don’t spend you’re hard-earned SHIBS on these tokens if you see them no matter how hard people, anyone, shills,” Kusama wrote, while also sharing a link to test the Ethereum scaling protocol.
Price Action: At the time of writing, SHIB was trading at $0.000010, up 5.80% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin Jumps To $22K, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow: Analyst Sees Apex Crypto At $25K If It Breaks This Level
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