Shibarium Set to Ignite SHIB Token Burn, Shiba Inu Team Announces

• Shiba Inu's Shibarium Network Set to Initiate SHIB Token 'Burn'
• About Shibarium
• The 'Burn' Mechanism Explained
• Token 'Burn' to be Automated
• Impact on SHIB's Price

Shiba Inu's Shibarium Network Set to Initiate SHIB Token 'Burn'

In a recent announcement, the Shiba Inu$0.000010 -2.05% team confirmed that Shibarium, their layer-2 network, will soon commence a 'burn' of SHIB tokens. This move ushers in a new phase of SHIB token 'burns', an operation that will effectively reduce the number of tokens in circulation.

About Shibarium

Shibarium facilitates users to execute transactions, enabling them to transfer value and engage with decentralized applications (dApps). Since its launch in August, the network has seen a remarkable 35 million transactions, attesting to its growing adoption and user base in the cryptocurrency space.

The 'Burn' Mechanism Explained

The team disclosed that 70% of the base fees generated on the network will be allocated to the 'burn' of SHIB tokens, while the remaining 30% will be utilized to sustain and manage the network. The network will amass these fees in the form of Shibarium's gas and governance token, Bone.

The Bone tokens will be converted into Shiba Inu tokens upon surpassing the $25,000 value threshold. Once the conversion is completed, Shibarium will proceed to 'burn' SHIB tokens, which entails sending them to a 'dead wallet' and permanently removing them from circulation.

Token 'Burn' to be Automated

This 'burning' system will be automated. The network will perpetually eliminate tokens from circulation based on the volume of transactions initiated on Shibarium. The higher the number of transactions, the more rapidly the $25,000 mark may be reached.

Starting from January, this mechanism will further evolve into an entirely automated system. There will be several upgrades to improve efficiency and reliability. The automated burn process will be governed by predefined rules, enhancing transparency and operational efficacy.

Impact on SHIB's Price

Should Shibarium become a continuous 'burning' mill, SHIB has the potential to move towards the $0.01 price target. This development is highly anticipated by the SHIB investment community, who eagerly await its commencement. Thus, from 2024 onwards, SHIB could witness a surge in price due to the forthcoming token 'burns'.

Edited by Jonathan Stoker