Shibarium Network will implement a hard fork upgrade to enhance the burn mechanism, associating 70% of transaction fees with permanent SHIB token burn.
Shibarium Network has recently announced the implementation of a significant hard fork upgrade to increase token emissions in a recent update. The SHIB community is abuzz with excitement over the most recent upgrade version, which will focus on improving the burning mechanism of the ecosystem. The marketing lead of the meme coin has praised the latest development in an X post, and the SHIB price has also experienced a 6% increase.
Shibarium Network To Implement Major Upgrade To Increase Token Burn
Shibarium Network has announced the release of the highly anticipated Bor version v1.1.2-bone revision on August 9 in the most recent Shiba Inu News. The update aims to implement a novel burn mechanism directly linked to transaction fees. It represents a significant milestone for the SHIB ecosystem.
According to LUCIE, the marketing lead for Shiba Inu, 70% of all base transaction fees collected on the network will be automatically converted to SHIB tokens and irrevocably burned. The primary objective of this deflationary measure is to decrease the total supply of SHIB, which is anticipated to increase its value over time.
In the interim, the remaining 30% of the transaction fees will be allocated to platform development, maintenance, and other critical initiatives. This dual approach will fortify The network’s infrastructure during the upgrade. Furthermore, it corresponds with the community’s sustainability and value appreciation objective.
The Announcement’s Market Impact
The SHIB community has expressed optimism in response to the announcement, as evidenced by the significant increase in its price. The meme coin enthusiasts seem to be optimistic about the token’s future and its broader ecosystem’s expansion.
The burning mechanism, linked to transaction fees, is perceived as a strategic effort to establish a more deflationary environment for the cryptocurrency. This is particularly noteworthy. Additionally, the token is anticipated to attract additional investors, which could potentially enhance its long-term prospects.
The community anxiously anticipates the implementation of the hard fork later this week. The current emphasis is on the potential impact of the upgrade on the token’s market dynamics. The SHIB price has increased by nearly 6% to $0.00001371 as of the time of writing, while its trading volume has decreased by approximately 7% to $282.23 million. Furthermore, a recent price analysis of the Shiba Inu indicated that its price could reach $0.000018 if it satisfies specific criteria.
