The Shiba Inu team has announced plans to reduce the supply of SHIB tokens by implementing a burning function on the Shibarium network. This significant development, eagerly awaited by the SHIB community, involves sending trillions of tokens to dead wallets and permanently eliminating them. By reducing the circulating supply, the team hopes to boost demand and influence prices. While previous burns have had a limited impact due to low volume, this new initiative aims to make a more substantial difference.
Since its launch in August 2023, the Shibarium network has enjoyed considerable success. It has surpassed 100 million transactions, with daily transaction volumes skyrocketing from 15,000 to over 7 million by the end of last year.
The upcoming Shibarium burn event is expected to act as a catalyst for a SHIB rally. The team plans to use 70% of the base fees to remove SHIB tokens permanently from circulation, while the remaining 30% will be allocated to network maintenance. Once the network collects $25,000 in transaction fees, it will initiate burns by sending SHIB to dead wallets. The exact number of tokens to be burnt is yet to be revealed, but the community is eager to see a significant reduction that will positively impact prices.
Investors have high hopes for SHIB, with the aim of reaching the $0.01 milestone. This makes it an appealing investment opportunity at its current price. Currently trading at $0.00001075 after a 4% surge in the last 24 hours, SHIB has a total market cap of $6.3 billion. It is gaining popularity as a favored memecoin, outshining its bigger brother, Dogecoin, which has a market cap of $13.2 billion.
While Dogecoin still enjoys greater popularity due to influential endorsements from figures like Elon Musk and Mark Cuban, some analysts predict that Shiba Inu could surpass it in the future. The Shiba Inu team’s dedication to continuously improve and develop the Shiba Inu and Shibarium network is attracting developers and users, who, in turn, attract token investors. This dynamic growth is positioning SHIB for long-term success.