The Shibarium Launch and SHIB Burn
The Shibarium launch has been a disappointment for the community, but the SHIB community remains committed to reducing the circulating supply of the meme coin. The burn stats for Wednesday show that a total of 357,075,351 tokens were burned, with the majority coming from the Marswap community token. The burn trend has continued into Thursday, with over 322 million tokens burned so far. Each day, the SHIB burn brings the total supply closer to being cut in half.
Will Shibarium Make a Comeback?
The launch of Shibarium has caused frustration for community members, as users have been unable to access their bridged ETH on the network. Over $1.7 million in ETH is currently stuck on the bridge, and the funds are presumed to be lost. This has led to FUD about the Layer 2 network and has negatively affected tokens like Shiba Inu, LEASH, and BONE. If the team can find a fix for the stuck ETH and return it to users, the Layer 2 network may be saved. However, for now, these tokens continue to suffer from the fallout of the botched launch and the overall bearish sentiment in the crypto market.
Hot Take:
The Shibarium launch may have been a disappointment, but the SHIB community remains determined to reduce the circulating supply. The significant jump in tokens burned in the last day shows their commitment. However, the stuck ETH on the bridge and the negative impact on associated tokens have caused widespread frustration. If the team can find a solution, there may be hope for Shibarium. But for now, the bearish sentiment continues to weigh down on the market.
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