Shiba Inu Massive ‘Token Burn’ Plan Sparks Rocket Expectation for $0.001 SHIB Price ⋆ ZyCrypto
The post Shiba Inu Massive ‘Token Burn’ Plan Sparks Rocket Expectation for $0.001 SHIB Price ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Shiba Inu (SHIB) has been struggling to regain its footing after experiencing a dramatic 70% decline from its February 2024 highs, with its current trading price languishing around $0.00001. Notably, investors have consistently attributed this downturn to the overwhelming supply of 589 trillion tokens, which has kept the price locked in a tight range between $0.000011 and $0.000015 over the past few months. However, recent progress has offered a fresh sense of optimism for SHIB enthusiasts. On Sep. 13, Lucie, the lead marketer of the Shiba Inu ecosystem, announced a significant upgrade to Shibarium, the platform’s Layer 2 scaling solution. This update, slated for release on Sep 20, includes the Bor upgrade (v1.3.7) and the Cancun hard fork, which aim to enhance Shibarium’s performance, security, and scalability. Lucie further outlined that the upgrade incorporates key improvements, such as better integration with Ethereum’s latest technologies, which promises to smooth performance and optimize peer-to-peer networking. Additionally, transaction costs are expected to become more predictable and affordable while processing speeds are set to increase. The update also focuses on refining cross-chain operations, ensuring asset transfers across different blockchains are more seamless. Despite this update, concerns about SHIB’s supply persist. On Sep. 14, a community member urged Lucie and the network’s development team to address the token’s burning mechanism to mitigate its oversupply. Advertisement   “Supply is the major disadvantage for us. Do some thing guys,” he noted. Lucie responded by explaining that the original creator, Ryoshi, had burned the keys, meaning there was no direct control over the token supply. Instead, she emphasized the need to build a large user base to facilitate the indirect burning of tokens. “To really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system…
Filed under: News - @ September 20, 2024 10:17 pm