In a remarkable development for the Shiba Inu (SHIB) community, the canine-themed token has experienced a surge in price following the initiation of Shibarium-powered burns. The Shiba Inu development team executed a Shibarium-powered burn, utilizing a portion of the network’s fees to buy and incinerate $75,000 worth of SHIB. This move, combined with recent enhancements and a hard fork on Shibarium, has generated optimism within the community regarding the token’s future.
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Shibarium-Powered Burn
Four months after the launch of Shibarium, the Shiba Inu development team took action by initiating a Shibarium-powered burn. In a single transaction, an impressive 8.24 billion SHIB tokens were sent to a dead wallet. This burn occurred ahead of schedule due to an unexpected spike in the network’s total transaction count. Shibarium has experienced a significant surge in daily transactions, surpassing 7 million since December 2 and accumulating over 60 million transactions in just two weeks.
Enhancements and Hard Fork
To further strengthen the burning mechanism, Shibarium completed its first hard fork, signalling the development team’s commitment to optimizing Shiba Inu burns. Additionally, efforts are underway to introduce a burn mechanism that aims to increase the number of SHIB tokens burned through the Shibarium network. These initiatives are part of an overarching strategy to address the substantial circulating supply of SHIB.
Positive Price Reaction
Despite the absence of an official launch date for the new burn mechanism, SHIB’s price has reacted positively to the ongoing burn efforts. The token, now trading with four decimal places, has surged by 23.7% over the past seven days and 25.3% in the past two weeks. At the time of writing, SHIB was priced at $0.00001038, reflecting a 4.4% increase in the past 24 hours.
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Anticipation for Future Surges
The SHIB community is optimistic about the token’s future price movements as Shibarium-powered burns persist, contributing to the reduction of the token’s substantial circulating supply. The community’s initiative to decrease supply through burns is seen as a key strategy to overcome obstacles preventing SHIB from reaching the coveted $0.01 mark. According to data from Shibburn, 410.67 trillion SHIB have been incinerated to date. With the acceleration of Shibarium-powered burns, enthusiasts anticipate a substantial surge in price, potentially reaching the coveted $0.01 milestone.
Shiba Inu’s recent Shibarium-powered burns and associated developments have injected a sense of excitement and optimism into the community. As efforts to enhance burning mechanisms continue, the SHIB token’s price surge indicates a positive market sentiment. The ongoing initiatives to reduce circulating supply through Shibarium-powered burns are closely watched by the community, which remains bullish on the potential for SHIB to achieve its long-awaited price milestones.