Shibarium Burn Ignites: SHIB Price Set to Soar High

• Shiba Inu Experiences Surprising Surge Amidst Bearish Crypto Market
• Shibarium L2 to Commence SHIB Token Burn
• A New Burning Mechanism Under Development
• How Much of the Current Shiba Inu Supply will be Burned?

Shiba Inu Experiences Surprising Surge Amidst Bearish Crypto Market

In recent weeks, Shiba Inu$0.000010 -2.05% has noticed a significant surge in price, despite the bearish trend overtaking the entire cryptocurrency market. This week marked a record high for Shiba Inu's network activity and new-user acquisition, the highest it has been in 4 months. This surge followed an announcement from the team about the impending commencement of the Shibarium L2's SHIB token burning.

Shibarium L2 to Commence SHIB Token Burn

With double-digit gains and the impending Shibarium token burn, it is speculated that Shiba Inu's price may be set to soar. The past 14 days alone have seen Shiba Inu's price increase by 24.2%, with an 8.4% increase over the previous month. With the commencement of the Shibarium burn, the circulation of SHIB tokens is expected to decrease significantly, bolstering the asset's value.

A New Burning Mechanism Under Development

There has been a new burn mechanism in the works for a while now. Despite the massive supply of SHIB tokens, fans and users of Shiba Inu continue to aspire to a price of $0.01 per token. Although this may seem like an unattainable goal given the current supply, the implementation of the new burn mechanism has the potential to make this dream a reality. Should the new burn mechanism successfully eliminate the majority of SHIB tokens in circulation, the project's aspirations suddenly seem much more attainable.

How Much of the Current Shiba Inu Supply will be Burned?

There has yet to be an update from the developers regarding the percentage of the current Shiba Inu supply that will be incinerated. However, the bullish trend that Shiba Inu has been demonstrating over the past few weeks suggests potential to break its current resistance zone. With the token burn on the horizon, the price of Shiba Inu could potentially soar to new heights, making 2023 a promising year for the token.

Edited by Jonathan Stoker