Shibarium Beta Activity Halts, What's Happening?

A glance at the Puppyscan explorer shows that no activity has been taking place over the weekend on Puppynet, the testnet of Shibarium. In terms of number of transactions, wallets, blocks, etc., everything remains as it was at the start of the week.

The number of transactions is still slightly higher than the 35,000,000 mark, the milestone achieved on Monday.

The likely reason is that the developer team is preparing to finally kick off the Shibarium mainnet. The launch is expected to take place during ETH Toronto (part of the Blockchain Futurist Conference) in Canada in about a week. The annual event will last for two days, and the leader of SHIB, mysterious developer Shytoshi Kusama, will be among the headline speakers. However, he will deliver his speech via AI to avoid revealing his true identity.

Aside from this speech, Shiba Inu will be one of the major sponsors of the whole conference, which puts it on a whole new level, close to major crypto exchanges and blockchain giants.

SHIB burn rate goes down

The Shibburn tracking platform has shared that over the past 24 hours, Shiba Inu burn rate operations have not been going well. In fact, the burn rate is down more than 30% with a total of 43,249,857 SHIB meme coins removed from circulation and locked in dead-end wallets.

This was achieved as a result of 24 transfers overall. Unlike today, the burn rate on Monday demonstrated a nearly 170% rise, going deep into the green zone.

After the Layer 2 blockchain Shibarium launches on mainnet, burns are expected to skyrocket, with trillions of SHIB to be sent to unspendable wallets monthly or even weekly. These burns will be powered by each transaction on Shibarium, with BONE tokens paid as fees for conducting it.

A portion of each transfer fee will be set aside and converted from BONE into SHIB to be burned later by the developer team of Shibarium.

As the launch of Shibarium is coming closer, with only a week left before it is likely to happen, the prices of the Shibarium trifecta coins — SHIB, BONE and LEASH — have begun to demonstrate substantial rises.