Shibarium Plans to Incinerate 10 Trillion SHIB in January 2024?

• Shiba Inu (SHIB) to Initiate Automated Token Burning in January
• Speculations on Annual Token Burn by Shibarium Network
• Prospect of Shiba Inu (SHIB) Rally Following Automated Burns
• Impact of New Burn Protocol on Shiba Inu (SHIB) Price

Shiba Inu (SHIB) to Initiate Automated Token Burning in January

Shiba Inu$0.000010 -2.05% (SHIB) enthusiasts are in high spirits as the Shibarium network is set to commence automated token burning starting January. This development brings an end to the manual process of token burning. Nonetheless, there are questions amongst SHIB investors and adherents about the number of tokens the Shibarium network will eliminate.

Speculations on Annual Token Burn by Shibarium Network

Speculations abound that the network could potentially incinerate trillions of tokens on a yearly basis. Lucie, a Shiba Inu (SHIB) influencer and team member had previously made claims that the project has the capacity to eradicate 111 trillion tokens annually. Based on this estimate, the market could witness approximately 10 trillion SHIB tokens being deducted from circulation every month. However, there's yet any official confirmation from the team on the exact amount of tokens Shibarium will burn.

Prospect of Shiba Inu (SHIB) Rally Following Automated Burns

Shiba Inu (SHIB) occupies a prominent position among cryptocurrencies in the market. However, the canine-themed cryptocurrency experienced a significant 10% drop in the past 24 hours which resulted in an additional zero after its decimal point, which it struggled to eliminate toward the end of 2023.

In spite of launching a major layer-2 network in August, Shiba Inu's (SHIB) performance last year was uninspiring as the price of SHIB struggled to increase. Along with SHIB, Dogecoin$0.091 -0.42% (DOGE) also experienced a slump in 2023. Both meme coins were overshadowed by other altcoins like Solana$104 5.03% (SOL) and Avalanche (AVAX).

Impact of New Burn Protocol on Shiba Inu (SHIB) Price

If the newly instituted burn protocol succeeds in eliminating 10 trillion tokens monthly, it could trigger a surge in SHIB's price. The enormous supply of SHIB constitutes one of its major impediments to price growth. However, burns alone may not be sufficient to instigate a rally.

According to Shiba Inu (SHIB) lead developer Shytoshi Kusama$49.4 -1.55%, for a price rally to occur, the Shibarium project will also require an increase in adoption. As more applications migrate to the Shibarium network, the token could witness increased uptake. An increase in both token burns and adoption could be the catalyst for a price rally for SHIB.

Edited by Jonathan Stoker