- Shiba Inu News: In order to strengthen the token burn mechanism, Shibarium will implement a hard fork upgrade. This will link 70% of transaction fees to long-term SHIB burns.
- To increase token burns in the SHIB ecosystem, Shibarium Network has announced a significant hard fork upgrade.
- Reducing SHIB supply, adding value, and improving network sustainability are the objectives of the improvement.
- Following the news, the price of SHIB rises by 6%, with room for more expansion.
Shiba Inu News: In a recent announcement, Shibarium Network stated that a significant hard fork upgrade will be implemented to increase token burns. The SHIB community is buzzing about the newest upgrade version, which will mainly concentrate on improving the ecosystem’s burning mechanism. In an X post, the meme coin’s marketing head celebrated the most recent development, and the SHIB price showed a about 6% increase.
News From Shiba Inu: Shibarium Will Roll Out Significant Update To Increase Token Burn
Shibarium reveals in the most recent Shiba Inu News that the highly anticipated Bor version v1.1.2-bone upgrade will be available on August 9. The goal of the upgrade is to implement a new burn mechanism that is connected to transaction fees. It is a significant turning point in the SHIB ecology.
70% of all base transaction fees collected on the network would be immediately converted to SHIB tokens and burned permanently, according to Shiba Inu marketing lead LUCIE. The primary goal of this deflationary strategy is to decrease SHIB’s overall supply, which should eventually raise the currency’s value.
The remaining thirty percent of the transaction costs will go toward major projects like platform upkeep and development. This two-pronged strategy to fortify the network’s infrastructure will be the main emphasis of the upgrade. Furthermore, it is consistent with the community’s long-term goals of sustainability and appreciation of values.
Effect of the Announcement on the Market
The announcement has caused the SHIB community to become optimistic, as seen by the price increase. The supporters of meme coins seem upbeat about the token’s future and the expansion of its larger ecosystem.
Notably, the addition of the burn mechanism linked to transaction fees is thought to be a calculated attempt to make the cryptocurrency market more deflationary. Additionally, it is anticipated to draw in additional investors, which would improve the token’s long-term prospects.
The hard fork’s implementation later this week is keenly anticipated by the community. The upgrade’s potential effects on the token’s market dynamics are currently the main emphasis. The SHIB price increased by about 6% to $0.00003771 as of this writing, but its trading volume decreased by almost 7% to $282.23 million. Furthermore, a recent price research of Shiba Inu revealed that, under some circumstances, its price can reach $0.000018.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
