A new Shibarium upgrade is set to introduce a much-anticipated burn mechanism
to launch a hard fork with a new version of Bor, the network's core component. Notably, it will introduce a burn mechanism. The burn mechanism will be directly linked to base transaction fees. The majority of these fees will be converted to SHIB tokens and removed from circulation. In such a way, it will be possible to decrease the total supply of SHIB tokens, thus potentially boosting the token's price. The hard fork brought faster transactions as well as predictable gas fees.
Shibarium's much-awaited layer-2 solution went live last August. The network gained significant traction following its launch. The total number of transactions on the Shibarium network has surpassed 417 million. Meanwhile, the total number of wallets has surpassed 1.8 million., the SHIB token recently came close to adding another zero to its price during the most recent price crash. However, it then managed to stage an impressive comeback, outperforming the broader meme coin sector.
The burn mechanism could be a much-needed catalyst for the meme cryptocurrency, which has been more or less stagnant since hitting its current peak in October 2021.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu Lead Shares Key Message With SHIB CommunityShiba Inu lead issues crucial message for Shiba Inu community
Read more »
75% Drop in Key Metric Shocks Shiba Inu's ShibariumShiba Inu's Shibarium faces stunning 75% drop in critical metric amid WazirX hack and on-chain anomalies
Read more »
Shiba Inu's Shibarium on Verge of 6 Million Blocks: DetailsShiba Inu Layer-2 Shibarium on verge of major milestone ahead of first anniversary
Read more »
Shiba Inu's Shibarium Skyrockets With 450% New UsersShiba Inu's Shibarium unleashes growth wave with 450% new user surge
Read more »
Shiba Inu Exec Issues Crucial Shibarium Game UpdateShiba Eternity game getting spotlighted in community
Read more »
Shibarium Eyes Abnormal 540% Increase in Shiba Inu Token Gas FeesShibarium's BONE gas fees soar by 540%, but transactions and TVL drop
Read more »