Over 3,800,000,000 Shiba Inu (SHIB) Disappears As Burn Rate Explodes 1,131% Following Shibarium Beta Release

More than 3.8 billion Shiba Inu (SHIB) tokens were burned and permanently eliminated in the five days following Shibarium's beta launch. According to the Shiba Inu burn tracking site Shibburn, SHIB's burn rate exploded by 1,316.

Timeline of Shiba-inu

After being accused of being a clone, Shibarium, a Layer-2 solution for the Shiba Inu cryptocurrency, has caused turmoil within the community, leading to a sharp collapse for Shiba Inu, which has emerged as one of the dominant meme coins after Dogecoin.

Shiba Inu Coin News: Shiba Inu's (SHIB) upcoming Shibarium blockchain has already landed into controversy. It is alleged that the Shiba Inu developers have copied Rinia which is a different project.

The Shiba Inu price has fallen by 4% in the past 24 hours, dropping to $0.00001057 after the emergence of claims that code for the Shibarium layer-two network had been copied from the Rinia blockchain.

The Shiba Inu team has announced that there is a new shib.io website, debuting a new and improved Shib the metaverse branding.  There was a mistake with Shibarium Beta chain ID, the Shiba Inu developer also revealed.

The latest Shibarium Layer 2 scandal has attracted negative attention to Shiba Inu (SHIB) and the $BONE ecosystem. With the Shibarium layer 2 developers accused of source code copyright infringement, investors have been fleeing the networks at an unprecedented rate.

Bankrupt crypto lender Voyager Digital moved 270 billion Shiba Inu (SHIB) tokens to top US crypto exchange Coinbase in a 12-hour period this week, according to the blockchain security firm Peckshield. Those 270 billion SHIB tokens were worth about $3 million at time of transfer.

Shiba Inu (CRYPTO: SHIB) developer Kaal Dhairya has admitted to making a mistake regarding the Shibarium Beta chain ID after the community accused the team of stealing the Rinia chain ID. What Happened: Dhairya, on Thursday, acknowledged his mistake of not rechecking at the time of the PuppyNet network launch and confirmed that the chains were not registered at that time.

The Shiba Inu (SHIB) ecosystem has been thrilled by the launch of the Shibarium layer 2 public testnet. However, the rehearsal dance stopped after a discord user spotted a discrepancy in Shibarium chain ID. Reportedly, Shibarium developers copied Rinia testnet genesis files but forgot to change the chain ID.

Serious allegations are raised in the official Shiba Inu Discord channel against the Shibarium Beta chain forked from Rinia chain as it uses the same chain ID. Moderators on the Discord channel said anyone interacting with the Shibarium chain would actually be integrating with Rinia chain as wallets and other application uses chain ID to The post Breaking: Shiba Inu Developer Admits Blunder With Shibarium Beta Chain ID appeared first on CoinGape.

Almost half a billion SHIB tokens have been removed from circulation in 24 hours, spiking its burn rate. According to data from Shibburn, approximately 455 million Shiba Inu tokens have been burned in the last 24 hours, a 1,322.79% rise in burn rate within a day.