In a recent update, Shibarium Network has just announced the introduction of a major hard fork upgrade to promote token burning.
The latest upgraded version, which mainly focuses on enhancing the ecosystem's burning mechanism, has created a buzz in the SHIB community.
The meme coin's marketing lead praised the latest development in an X post, while the price of SHIB also recorded a gain of around 6%.
Shibarium Introduces Upgrade to Promote Token Burning
Shibarium announces the release of the highly anticipated Bor v1.1.2-bone upgrade on August 9th.
This update aims to introduce a new burning mechanism directly linked to transaction fees. This is an important milestone for the SHIB ecosystem.
Shiba Inu's marketing team leader LUCIE said that 70% of all basic transaction fees collected on the network will be automatically converted into SHIB tokens and burned forever.
This deflationary measure is primarily designed to reduce the total supply of SHIB, thereby potentially increasing its value over time.
See also: Shiba Inu trading volume up 145%
Meanwhile, the remaining 30% of transaction fees will be allocated to platform development, maintenance, and other important initiatives.
The upgrade will focus on this dual approach to strengthening the network's infrastructure.
In addition, it also fits into the community's long-term goals towards sustainability and added value.
Impact of the announcement on the market
This announcement sparked optimism in the SHIB community, as evidenced by its skyrocketing price.
Meme coin enthusiasts seem optimistic about the future of the token and the growth of its broader ecosystem.
Notably, the introduction of a burn mechanism associated with transaction fees is seen as a strategic move to create a more deflationary environment for cryptocurrencies.
It is also expected to attract more investors, potentially boosting the token's long-term prospects.
The community is eagerly awaiting the hard fork rollout later this week. The focus now is on how the upgrade will affect the token’s market dynamics.
See also: Shiba Inu Burn Rate Increased by 300%
As of writing, SHIB price was up nearly 6% to $0.00001371, while its trading volume was down around 7% to $282.23 million.
Additionally, a recent Shiba Inu price analysis suggests that its price could reach $0.000018 if certain conditions are met.
Source: https://tintucbitcoin.com/shibarium-reveals-important-hard-fork-upgrade/
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