Good news for the Shiba Inu community: the primary layer-2 network, Shibarium, has completed its first hard fork successfully. This action aims to improve token burns as well as implement a new mechanism that supports burning several tokens concurrently. In the meantime, the SHIB community is buzzing with optimism over the token’s possible $0.01 price.
The Discord Announcement
DaVinci just revealed the information regarding Shibarium’s hard fork in a spirited Discord update. The Shiba Inu (SHIB) community was excited by this announcement, which was made at a pivotal point in the development of this cryptocurrency ecosystem.
Shibarium is currently at block height 1987946, indicating that the hard fork is probably finished, although the team has not yet released a formal statement. The hard fork was scheduled to begin at block height 1962000.
Making Token Burns Better
Improving token burns is the primary objective of this action, particularly for SHIB and ShibaSwap Bone (BONE). Since this serves to reduce the asset’s overall supply, many BONE holders support this.
Recent Price Movements
ShibaSwap Bone (BONE) experienced a pleasant uptick following the split, rising 0.8% in the previous day and a remarkable 24.7% during the course of the week. Significant improvements are also visible on the monthly and 14-day charts, at 8.4% and 24.2%, respectively.
Conversely, the daily charts showed a 4% decline in Shiba Inu (SHIB). In spite of this, SHIB continues to stay steady, rising 16.2% over the last week and a respectable 13% over the previous month.
While many people are in favor of the modification that permits BONE burns, some community members have expressed concerns. People are questioning why burning BONE tokens would require them to give up their ability to govern.
Chasing the $0.01 Dream
The $0.01 token price is something that the SHIB community has long desired. Given the plentiful quantity of SHIB tokens, this may seem like a lofty objective, but the hard fork’s innovative burn mechanism has inspired new hope.
Lead developer Shytoshi Kusama highlights the necessity for increased demand in addition to the technological advancements. There is a chance that adoption will rise when more apps are released on Shibarium.
A major step toward realizing the goal of achieving one cent could be burning a sizable part of SHIB tokens in circulation. The hard fork of Shibarium is paving the way for a revolutionary voyage in the cryptocurrency space where aspiration and creativity collide.
Disclaimer
This article is for informational purposes only and should not be considered financial advice. Please do your own research before making any investment decisions. Is a massive rally of $0.01 in sight for the price of Shibarium Hard Fork SHIB possible? While anything is possible in the crypto market, it is important to be realistic and understand the challenges involved.
