Shiba Inu News: In a recent update, Shibarium Network has recently announced to introduction of a major hard fork upgrade to boost token burns. The latest upgrade version, which will primarily focus on enhancing the burning mechanism of the ecosystem, creates a buzz in the SHIB community. The marketing lead of the meme coin has lauded the latest development in an X post, while the SHIB price also noted a surge of around 6%.

Shiba Inu News: Shibarium To Introduce Major Upgrade To Boost Token Burn

In the latest Shiba Inu News, Shibarium announces the launch of the much-anticipated Bor version v1.1.2-bone upgrade on August 9. The update aims to introduce a new burn mechanism directly tied to transaction fees. It marks a major milestone for the SHIB ecosystem.

Shiba Inu marketing lead LUCIE said that 70% of all base transaction fees collected on the network will be automatically converted to SHIB tokens and permanently burned. This deflationary measure is mainly designed to reduce the total supply of SHIB, which in turn is likely to increase its value over time.

Meanwhile, the remaining 30% of the transaction fees will be allotted towards platform development, maintenance, and other key initiatives. The upgrade will focus on this dual approach to strengthen the network’s infrastructure. In addition, it also aligns with the community’s long-term aim towards sustainability and value appreciation.

Market Impact Of The Announcement

The announcement has sparked optimism in the SHIB community, as evidenced by the surge in its price. The meme coin enthusiasts appear to be optimistic about the future of the token and its broader ecosystem growth.

Notably, the introduction of the burn mechanism associated with transaction fees is seen as a strategic move to create a more deflationary environment for the crypto. It is also expected to attract more investors, potentially boosting the token’s long-term prospects.

The community eagerly awaits the implementation of the hard fork later this week. The focus is now on how the upgrade with influence the token’s market dynamics. As of writing, the SHIB price jumped nearly 6% to $0.00001371, while its trading volume plunged about 7% to $282.23 million. Additionally, a recent Shiba Inu price analysis showed that its price could hit $0.000018 if it meets certain conditions.

Also Read: Dogecoin Core 1.14.8 Upgrade Released, Here’s Everything

The post Shiba Inu News: Shibarium Reveals Major Hard Fork Upgrade To Boost Token Burn appeared first on CoinGape.

---

Filed under: News - @ August 8, 2024 9:15 pm