Shibarium’s Hard Fork and Burn Mechanism: What’s Next for SHIB Token?

A layer-2 solution, Shibarium, is set to launch a hard fork with fewer SHIB tokens by adding a ‘burn mechanism’. The token’s price, which has seen a remarkable comeback in recent times, may be boosted by this action. The burn mechanism, emphasized in the hard fork series, will convert 70% of base transaction fees to SHIB tokens and remove them from circulation. Meanwhile, the remaining 30% will be dedicated to ecosystem development, supporting network evolution and progress.

The intention behind this is to decrease the number of SHIB tokens available, which may result in a rise in their value. The previous hard fork in May had significant benefits for Shibarium, such as faster transactions, more secure technology, and gas fees. Over the last six months, the network has experienced significant growth, with layer-2 solution being launched in August, processing over 417 million transactions and possessing more than 1.8 million wallets.

The token’s recent upsurge has been partially fueled by whale activity, which saw over 9 trillion SHIB tokens transacted, increasing it by 588%. In a 24-hour period, 1.53 trillion SMSI were traded, signaling the high level of activity on the part of the internet. Despite this, the network only managed to record 3.84K transactions on Wednesday, indicating that the token’s trading activity was not stable.

The SHIB token made an impressive comeback after its price crash, outperforming the entire meme coin market. However, it almost lost another zero in its value during the crash and has since bounced back. It is worth mentioning that the highest SHIB token price was achieved in October 2018, which is an unprecedented achievement.

The timing of the hard fork and burn mechanism will have a significant impact on the price of this token, as it may increase due to the scarcity of tokens during future transactions. With its layer-2 solution and growing user base, Shibarium’s continued development further solidifies the token’s foreseeable future. As the hard fork begins, investors and traders are keeping a close eye on the SHIB token price.

Although the exact nature of the burn mechanism is unclear, it is certain that Shibarium has made significant strides in innovation and technology, positioning the SHIB token as a frontrunner in the meme coin segment. As remarked, the upcoming hard fork and burn scheme are key developments in this ecosystem, which could potentially reduce the demand for SYBRI and enhance its value.

For more insights and information on Shibarium and its impact on the cryptocurrency market, read the full article on CoinSeeks.com: “Shibarium’s Hard Fork and Burn Mechanism: What’s Next for SHIB Token?”.