The Shibarium launch is the main character of the crypto story today due to its unfortunate launch but the SHIB community seems to be shaking it off. The events of the last day have not affected the community’s commitment to reducing the circulating supply of the meme coin which has led to a significant jump in the number of tokens burned in one day.
SHIB Burn Up 64%
The stats for Wednesday are in and SHIB looks to be doing well in the burn department. According to burn tracker Shibburn, the total number of tokens burned in the 24-hour period came out 64.77% higher than that of the previous day.
For more accurate figures, the website shows a total of 357,075,351 tokens burned on August 16, with the number picking up following the launch of Shibarium. The majority of the burn came from the Marswap community token which burned over 258 million tokens.
This burn trend has not subsided going into Thursday as the tracking website’s data shows the numbers for the last 24 hours are coming in hot as well. Currently, there are already more than 322 million tokens burned in the last day so far, suggesting that the token burn for Thursday may surpass that of the prior day as well
With each passing day, the SHIB burn nears almost half of its total supply being cut in half. This would mark a significant milestone for the community, although it would take some time to get there given the daily burn rate.
Token price crashes 10% following disappointing launch | Source: SHIBUSD on Tradingview.com
Will Shibarium Make A Comeback?
Shibarium’s launch has been nothing short of a disappointment for community members who have anticipated the launch for a year now. Following the launch of the official bridge to move mainnet ETH to the Shibarium network, users reported being unable to access their bridged ETH on the other end.
This bug which was believed to be a small glitch at first quickly rose into a bigger problem as over $1.7 million in ETH was stuck on the bridge. As a result, users have been unable to properly utilize the mainnet, and the funds stuck on the bridge are presumed to be lost at this point.
This botched launch has led to widespread FUD about the Layer 2 network which has negatively affected all of the tokens associated with it. However, if the team is able to find a fix for stuck ETH and return them to users, then the Layer 2 network could be saved.
For now, Shiba Inu, LEASH, and BONE continue to suffer the fallout from this error. They are currently among the biggest losers on Thursday, and the widespread crypto bear sentiment has applied further pressure, which could see their prices continue to fall.