Shiba Inu To Hit All-Time High With Latest Shibarium Update

Smaiii · 2023-09-06T04:49:45.000Z

The Shiba Inu community has made the burning of $SHIB tokens a significant ritual. Members of the community send tokens to a "burn" address every week in an effort to lower the token's supply. For this reason, the community is happy to see the addition of a burn mechanism for the Shibarium Layer 2 network. #Shibainu Burn Portal Is Coming, According to Lead Dev Shiba Inu lead marketer LUCIE presented a highly awaited announcement with the community on Monday via a tweet on X (previously Twitter). A Shiba Inu burn gateway for Shibarium was being built, according to information provided by Lucie in a snapshot of a conversation with the developer. This comes after several requests for the team to implement a SHIB automated burn as the Shibarium blockchain expands. Nevertheless, the creator highlighted that "Burns WILL NOT AND ARE NOT THE END ALL BE ALL," in contrast to the popular idea that the burn gateway is exactly what is required. The developer contends that rather than concentrating just on burns, attention should be directed towards the adoption of the blockchain. The developer's remarks are a repeat of a lead marketer's prior article on X. Lucie claims that using the blockchain is the only way SHIB could be destroyed. Burns of tokens are reliant on transaction-related costs. Thus, adoption should be prioritised above outright burns for this reason. According to Lucie's tweet, the more Shibarium is used, the greater the traffic, which raises petrol prices. Usage #Shibarium IS A MUST If you don't utilise it, it won't use $SHIB! Shibarium's mass adoption will require time and cooperation from the whole community. The future documentation will have more details on burns. HOWEVER it has been outlined in detail in... pic.twitter.com/xjo27NlPP8 September 4, 2023 — LUCIE | Summer of Shibarium (@LucieSHIB) In a subsequent tweet, Lucie noted that there was no burn mechanism in place when the Shiba Inu price reached its previous record high. She said, "$SHIB will be a governance token with widespread acceptance - the next ATH might be intriguing. What New ATH Would A Shibarium Burn Portal Bring? The community's reliance on a burn mechanism results from the assumption that a decrease in supply would result in an increase in price. Although this is true for digital assets, there are additional reasons that might cause a token's price to increase and establish a new record. One thing to take into account is the present trend in the crypto market. It is reasonable to predict that tokens won't reach ATHs any time soon because the bear market is still very much alive. Hence, even if a Shiba Inu burn portal were to be established right now, a new ATH would not necessarily result from it. Even if just temporarily, it can cause a price increase. Hence, focusing on adoption as opposed to merely burning offers a more substantial value increase. The price of SHIB is now $0.000007549, down 6.91% for the past week and 2.40% over the previous day. With a $4.44 billion market value, it has the 16th-largest cryptocurrency ranking.

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