Unraveling the Mystery: Is Shibarium’s Token Burn Genuine or a Scam?

A burn event is a component of a cryptocurrency project’s step-by-step roadmap for success. Thus, the reason for this is that burn events increase the value of the cryptocurrency by lowering the quantity in circulation.

Unraveling the Mystery: Is Shibarium's Token Burn Genuine or a Scam?
Source: capital .com

But recently, there was a burn event at the Shibarium that didn’t go as planned.

Great Burning of Tokens in the Shibarium Ecosystem

Within the Shibarium, a large number of Shiba Inu tokens were burned. But throughout the whole supply of Shiba Inus, there was no documentation of this blaze.

Unraveling the Mystery: Is Shibarium’s Token Burn Genuine or a Scam?,Unraveling the Mystery: Is Shibarium’s Token Burn Genuine or a Scam?

For this reason, the most trustworthy source of burn data from the Shibarium ecosystem is the community-driven burn tracker, Shibburn. They failed to note any of the most recent fires, though.

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Burning a token is the destruction of these tokens before continuing. Put otherwise, after burning, these tokens will vanish from existence. Thus, Shib Coop recently burned tokens. The latest blaze was caused by Shib CoOp, a community-driven Metaverse real estate enterprise.

Thus, they eliminated 97 million Shiba Inu tokens from circulation. However, something seemed off, raising a lot of concerns. Thus, the Shiba Inu supply did not reflect the burnt token.

More Information Regarding This Transaction

On Shibariumscan, 97 million Shiba Inu tokens were listed. Put otherwise, the transaction was verified by the Shibarium-specific blockchain explorer. Thus, the burning of almost 97 million tokens in the Shibarium occurred exactly at 12:32 [UTC].

Note: In Shibburn, Shib CoOp inquired about the records of this burn. In response, they stated that there was a rationale behind not logging this kind of transaction. Moreover, Shibarium, a layer 2 blockchain rather than a layer 1 blockchain, was used for the transaction.

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Shibburn Gives Arguments for Why Transactions Are Not Listed on the Shibarium

Simple explanations explain why these transactions are not being recorded. Thus, everything is dependent upon how burn transaction recording functions. A Layer-2 network’s burn addresses are only used to handle tokens within that specific network.

The Shiba Inu token’s initial blockchain is the Ethereum blockchain. Therefore, each burn event has to occur on the Ethereum network in order to have an impact on supply.

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