SRC-20 Tokens on Shiba Inu Network Shibarium Now Support Burns

A dead wallet now exists for holders of SRC-20 tokens on the Shiba Inu Shibarium network to reduce circulating supply.

WoofSwap, a Shiba Inu-based medium for trading and crafting SRC-20 tokens, has issued a crucial update for members of the Shiba Inu community.

In a recent tweet, WoofSwap disclosed that SRC-20 tokens on Shiba Inu’s blockchain, Shibarium, now have burn capability. It went further to provide the address to which tokens can be sent for burning.

src-20 now supports burning.

Transfer to the burning address:

0x000000000000000000000000000000000000dEaD

— WOOF | src-20 on Shibarium (@woofswap) December 26, 2023

Notably, data from Etherscan confirmed “0x000000000000000000000000000000000000dEaD,” the shared address, as a null wallet that multiple projects often use to burn tokens.

SRC-20 Tokens on Shibarium

For context, SRC-20 represents the standard for creating inscriptions Shibarium. Crafting an inscription involves incorporating diverse content types into the dedicated transaction, including images, text, or HTML.

Shiba Inu’s network has seen a growing prominence of SRC-20 inscriptions on Shibarium. Data from WoofSwap shows that at least 50 SRC-20 tokens now exist on Shibarium, welding staggering market valuations.

For instance, “shibs,” an inscription on Shibarium, currently trades at 0.0000000103 per bone token or $0.00000000724708. This inscription has a market cap of $4,254,679 at the time of reporting, with 22,921 holders.

Similarly, ranking close to Shibs was ‘bones,’ which has 6,383 holders and a market cap of $185,420. Other SRC-20 tokens on Shibarium include woof, SPUK, punk, and Pepe, all with market valuations in thousands of dollars.

With SRC-20 now supporting burning, holders of these tokens can incinerate portions of their large supply to support their market value. Also, the development indicates that the token can now fully take a deflationary role.

Wealth Opportunity in Shiba Inu SRC-20 Tokens

Meanwhile, some market participants have argued that these SRC-20 tokens wield wealth opportunities akin to the opportunity presented by Shiba Inu in 2020. Emphatically, Shiba Inu has turned some early adopters into millionaires and billionaires.

The Crypto Basic has called attention to instances of Shiba Inu’s rag-to-riches stories in numerous reports.

Significantly, shibs, bones, woof, and other SRC-20 tokens on Shibarium bear a resemblance to ORDI, SATS, RATS, and other BRC-20 tokens on the Bitcoin chain.

These BRC-20 tokens have risen to prominence this year, enriching early adopters. CoinMarketCap data shows that BRC-20 tokens now have a market valuation exceeding $3.5 billion. Some of the tokens have secured listing on renowned trading platforms like Binance.