- The Shiba Inu team has confirmed that the Shibarium layer-2 network will start burning SHIB tokens from January 2024, reducing the circulating supply by sending them to a dead wallet.
- Shibarium’s burn mechanism will be fully functional starting January 2024, where 70% of the base fees collected for transactions will be used for the token burns.
- The burn process will be triggered once Shibarium accumulates $25,000 in fees, although the exact number of tokens to be burned is yet to be disclosed, with more details expected in January next month.
Get ready for a fiery start to 2024 as the Shiba Inu team lights the torch on their much-anticipated token burn. The Shibarium layer-2 network is set to reduce the SHIB token supply, potentially heating up the market. Let’s dive into the details of this sizzling development in the crypto world.
Shibarium’s Token Burning Strategy
- Shibarium confirmed to initiate SHIB token burns in January 2024.
- Burning mechanism aimed at reducing circulating supply, making SHIB more scarce.
- Investors anticipate the burn to potentially increase SHIB’s value on the charts.
Burn Mechanism Details
- 70% of base fees collected for transactions on Shibarium to be used for token burns.
- The remaining 30% of fees allocated to network maintenance.
- Burns set to begin once $25,000 in transaction fees are collected.
- Specific number of tokens to be burned will be disclosed in January.
Expected Impact on SHIB’s Value
- Investors hopeful burns will drive SHIB’s price towards the $0.01 goal.
- Token scarcity through burns seen as a potential catalyst for price increase.
- Long-term sustainability of SHIB’s price scale-up linked to burn effectiveness.
The Shiba Inu community is buzzing with excitement as the countdown to January 2024 begins. Will the burns ignite a rally towards the coveted one-cent milestone? Stay tuned as the cryptosphere eagerly watches SHIB’s fiery dance.
