Meme Coin created havoc with this move: It suddenly became the center of attention with its giant rally.

0

Sol Killer (DAMN), a newly launched meme coin on Shibarium, BONNET Burned the liquidity pool (LP) with a special mechanism to burn .

Token burning can support a project by reducing the supply of an asset and increasing its value when combined with increased demand. DAMN’s development team understood the importance of this and conducted an elaborate burn campaign to attract investors’ attention.

DAMN was introduced by Woofswap, a decentralized exchange operating on Shibarium. The token, which attracted great attention in a short time after its public offering, became one of the top earners on DEXTools with an increase of 39% in 24 hours.

DAMN Burns BONE With Every Shibarium Transaction

In the midst of early success, the team behind the project continued to take measures to attract more demand and in this context decided to burn the liquidity pool. In a recent post, Woofswap stated that the team has successfully reduced LP by burning the liquidity pool. confirmed.

After the memorial cremation, Woofswap shared the address where the public can find information about the cremation. According to data from Shibariumscan, the address has been confirmed to contain both DAMN and BONE, as the project continues to burn both tokens.

Every transaction a network participant makes with DAMN burns both DAMN and BONE, contributing to the deflationary trend of both tokens. According to Shibariumscan data, the project has currently burned 35.5 million DAMN and 3,179 BONE tokens in just a few days.

However, some community members pointed out that Etherscan data does not reflect burned BONE tokens. Shiba Inu advocate and crypto YouTuber Randomartz explains that the project’s BONE burning operations are the reason for this situation. Shibarium He explained that it is implemented on layer-2.

Specifically, when network participants build a bridge from Ethereum (layer-1) to a Shibarium (layer-2), a wrapped form of BONE equivalent to tokens is created in the Shibarium and then the actual BONE in Ethereum is stored in the bridge contract. Since the BONE in the Shibarium has now been burned, the tokens in the bridge remain locked forever.

Woofswap’s Contributions to Shiba Inu

Speaking about the efforts of Woofswap, the team behind DAMN, content marketing expert Lucie stated that they contributed to the increase in Shibarium transactions, as the network’s total number of transactions recently exceeded the 412 million mark.

According to Lucie, Woofswap was instrumental in Gate.io supporting Shibarium. As Koinfinans.com reported, Gate.io reportedly integrated Shibarium in January and network participants can easily transfer BONE to Shibarium.

Lucie also noted that Woofswap now uses DAMN to connect network participants to Shibarium. The marketing expert appreciated the team’s efforts in burning BONE and DAMN.

Source : The Crypto Basic


source site-8