Shibarium Forks: Could Shiba Inu Reach $0.01 with Enhanced Burns?

• Shibarium Network of Shiba Inu Undergoes Hard Fork
• Gains in Shibarium's Governance Token
• Correction in Shiba Inu's Value
• Questioning of BONE Burns
• Influence of New Burn Mechanism on SHIB's Price
• Necessity for Token Burning and Increase in Demand

Shibarium Network of Shiba Inu Undergoes Hard Fork

In a recent update on Discord by DaVinci, it has been stated that the Shibarium network of Shiba Inu$0.000010 -2.05% (SHIB) has experienced a hard fork. The aim of this hard fork is to improve burns and facilitate multi-token burning, specifically targeting SHIB and ShibaSwap Bone (BONE).

Gains in Shibarium's Governance Token

BONE, the governance token of Shibarium, has witnessed an increase of 0.8% in the past day and a substantial growth of 24.7% on the weekly charts. The asset has also risen 24.2% in the two-week chart and 8.4% in the past month.

Correction in Shiba Inu's Value

On the contrary, Shiba Inu (SHIB) has undergone a 4% correction in its daily charts. Despite this, the token has still appreciated by 16.2% on the weekly charts and over 13% in the last month.

Questioning of BONE Burns

While the decision to allow BONE burns has been praised by many, it has also encountered skepticism. Numerous holders have queried why they should relinquish governance power by incinerating BONE tokens.

Influence of New Burn Mechanism on SHIB's Price

Will the price of Shiba Inu (SHIB) escalate due to the new burn mechanism? A fresh burn mechanism has been in the pipeline for a while and enthusiasts of SHIB continue to aim for a token value of $0.01. However, considering the colossal supply of the project, this target appears to be out of reach. But with the new burn mechanism potentially eliminating a large portion of the SHIB tokens in circulation, achieving the one-cent-dream could become more feasible.

Necessity for Token Burning and Increase in Demand

Nonetheless, no updates have been provided by the team regarding the quantity of tokens that can be incinerated with the new fork. To attain a price of $0.01 for SHIB, an extensive number of tokens would need to be burnt. The chief developer, Shytoshi Kusama$49.4 -1.55%, explains that raising Shiba Inu's (SHIB) price cannot be achieved through burning alone. An increase in demand for the token is equally crucial. As more applications are introduced on Shibarium, we can expect an escalation in adoption soon.

Edited by Jonathan Stoker