Shiba Inu Price Forecast: Impact of 3 Major Burns This Week

• Shibarium Announces Three Major Shiba Inu Burns This Week
• Daily Transactions and the Growth of the Shibarium Network
• Upcoming Shiba Inu (SHIB) Burns This Week
• Shibarium's Use of Gas Fees for Token Burns
• Impact of the Burns on SHIB's Price

Shibarium Announces Three Major Shiba Inu Burns This Week

The Shibarium team has made a public announcement about planning to conduct three large-scale manual burns of Shiba Inu$0.000010 -2.05% (SHIB) tokens within this week. This information was disclosed in the most recent issue of the SHIB magazine. Additionally, the team underscored the SRC-20 engravings on Shibarium and the exceptional scalability of the network.

Daily Transactions and the Growth of the Shibarium Network

Based on the magazine's report, Shibarium is managing an average of 7.5 million transactions every day. Impressively, this milestone was reached only three months after the network's launch. The surge in transactions indicates the increasing popularity of the Shibarium network, a part of Shiba Inu's (SHIB) ecosystem. The team emphasizes the network's capacity to smoothly handle transaction surges without system failures.

Upcoming Shiba Inu (SHIB) Burns This Week

In the midst of transaction volume spikes, the Shibarium network also encountered a rise in gas. Despite this increase, the network maintained relatively low fees. ShibaSwap Bone (BONE) serves as the gas token for the Shibarium network, and the surge in fees has resulted in an augmentation in BONE tokens.

Shibarium's Use of Gas Fees for Token Burns

Shibarium employs 70% of its gas fees for the purpose of burning Shiba Inu (SHIB) tokens. The network has gathered 1,400,000 BONE, worth $1,023,680 ($1.02 million). The team's plan is to perform three manual burns on Dec. 14, 15, and 16. It is projected that approximately 8.2 billion tokens will be sent to the dead wallet within this week.

Impact of the Burns on SHIB's Price

The significant burn figure could potentially influence the price of SHIB positively. The token's price has encountered a downturn recently, probably due to the Federal Reserve's stance on interest rates. The Shiba Inu (SHIB) team has also disclosed their efforts towards developing a new burn mechanism for the project. Additionally, the Shibarium network has recently undergone a hard fork to facilitate enhanced burns. The team appears to be resolved towards decreasing SHIB's supply, thereby potentially increasing its value.

Edited by Jonathan Stoker