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BONE Fee to Send Shiba Inu (SHIB) Gets Thousands of Percent Down Thanks to Shibarium

Mon, 03/13/2023 - 15:17
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Yuri Molchan
Shibarium helps to make SHIB transactions a lot cheaper
BONE Fee to Send Shiba Inu (SHIB) Gets Thousands of Percent Down Thanks to Shibarium
Cover image via www.freepik.com

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According to a recent tweet posted by the official account of Bone ShibaSwap (BONE), Shibarium is able to reduce transaction fees by thousands of percent.

The BONE account has shared a screenshot with details of a transaction, which shows that the fee constitutes 0.00002 BONE.

The recently launched layer-2 blockchain Shibarium allows users to make transfers of Shiba Inu, using BONE tokens as gas for charging transaction fees. Initially, Shytoshi Kusama and his SHIB developer team stated that transaction fees on Shibarium, unlike those on Ethereum, will be much lower and faster, without any congestion.

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Besides, according to several blog posts published by Kusama on Medium, every transaction will contribute to regular SHIB burns. The mechanism is simple – part of each transaction fee in BONE will get converted into Shiba Inu meme tokens and then sent to dead-end wallets. The SHIB army now expects trillions of Shiba Inu to get burned, which would in theory push the price up significantly. Thanks to burning, i.e. to sending tokens to unspendable wallets, an asset becomes more scarce as its circulating supply shrinks.

After the glorious release of Shibarium’s PuppyNet blockchain, whales have begun purchasing massive amounts of BONE, largely increasing their bet on this meme token. According to data shared by IntoTheBlock, whales now hold 126.15 million BONE. This is 54.84 percent of its supply in circulation.

Besides, prior to the PuppyNet release on Saturday, BONE scored yet another listing, this time it was added to the crypto lending platform CoinRabbit.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.