Shiba Inu's Shibarium: 🔥 The fiery start of 2024 with 10 trillion SHIB tokens rumored to be burned.
This year, a monthly burn of 10 trillion Shiba Inu (SHIB) tokens is expected, with the automatic burning mechanism entering its phase this month. According to Shitoshi Kusama, token burning will coincide with network implementation to drive price growth.
Last year, CNF reported that Shibarium would introduce a transformative token burning mechanism to strategically reduce Shiba Inu's supply, boosting the ecosystem's value. The initial token burning phase was manual, overseen by the developer's official wallet. The second stage, termed "Automated Transition," reportedly transforms the mechanism into an automatic system, set to commence this month. The community is currently discussing the volume of tokens to be burned this year. 🔥
Rumors suggest trillions of tokens may be burned this year, stemming from Lucy, a Shiba Inu team member, hinting at burning 111 trillion tokens annually. If true, nearly 10 trillion Shib tokens would be taken out of circulation each month. It's important to note that the official Shiba Inu website hasn't disclosed an exact figure. 🔢
Thanks to the burning mechanism, the network will undergo several upgrades, ensuring a smooth transition from manual to automatic phases. The burning mechanism's sources were linked to the network's adoption rate. As Shibarium transactions and gas fees surge, token burning will follow a geometric progression, meaning more usage leads to more tokens being burned. 🔗
Shiba Inu's performance last year fell short of expectations, attributed to the hype surrounding its second-layer network launch. Analysts believe the potential withdrawal of 10 trillion tokens could trigger a sharp price increase. Shytoshi Kusama, the lead developer, clarified that token burning alone won't impact price growth until applications find their utility in the network. 🚀
