As a seasoned crypto investor who has navigated through various market cycles and witnessed the rise and fall of numerous digital assets, I must admit that my interest in SHIB has been piqued by the recent developments within its ecosystem. The recent emphasis placed on the role of BONE by none other than Lucie, the official marketing lead of SHIB, has certainly caught my attention.
The marketing head of SHIB, identified as Lucie online, recently emphasized the crucial function of the BONE token within the entire SHIB network, including Shibarium, using her Twitter account (commonly recognized as Twitter for over a decade).
Lucie published an X post, praising BONE and its importance for all SHIB holders and users.
The SHIB executive described BONE token in a few words: “The POWER (Energy Source).”
As a researcher, I liken BONE to the essential fuels like gas and electricity for a vehicle. Just as a car without fuel is merely an ornate metallic container, BONE serves as the vital gas fee token in the DeFi ecosystem. Emphasizing its great importance, I, Lucie, underlined this comparison.
Lucie emphasized to the SHIB community that this “fuel” is not just powering the Shibarium engine, but it’s essential for the entire SHIB system as a whole.
The SHIB marketing expert confidently told SHIB holders that without bones, the entire system would be unable to move forward,” (on X)
One significant application for BONE within Shibarium involves token destruction (or burning). The Shiba Inu development group allocates a portion of the gas fees paid in BONE. When an accumulated amount of BONE reaches a predetermined threshold, it is automatically converted to SHIB and then permanently removed from circulation by being burned – this means the tokens are locked into wallets that can no longer be accessed or spent.
Over time, the aim for these burns is to decrease the number of SHIB coins in circulation, making them less common in the market. This scarcity could theoretically boost the value of SHIB tokens in the future.
Over the past day, as per Shibburn tracker data, the burn rate skyrocketed by a staggering 555%. This means that approximately 5,166,319 SHIB tokens were destroyed in six separate transactions. The largest of these transactions sent 1,110,802 SHIB to ‘dead-end’ wallets, effectively removing them from circulation.
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2024-10-07 18:02