Shiba Inu has seen a boost in price as the entire crypto market has become bearish in the past weeks. This week, Shiba Inu recorded its highest network activity and new-user acquisition in 4 months, after the team announced that Shibarium L2 will begin burning SHIB tokens. With double-digit gains and the Shibarium burn on its way, Shiba Inu’s price may be ready to skyrocket.
Shiba Inu is already up 24.2% in the 14-day chart and 8.4% over the previous month. Once the Shibarium burn commences, SHIB circulation will shrink, thus pushing the asset further in the green.
A new burn mechanism has been under development for quite some time. SHIB fans and users are still pursuing a price of $0.01 (one cent) for the asset. However, given the project’s massive supply, $0.01 seems like an unachievable target. Nonetheless, if the new burn mechanism can incinerate most of the SHIB tokens in circulation, it would make the one-cent-dream more approachable.
Also Read: Shiba Inu: Shibarium Undergoes Fork to Boost Burns, $0.01 Soon?
Developers haven’t given an update on precisely how much of the current Shiba Inu supply will be burned. However, with Shiba Inu being bullish over the past few weeks, the potential to push past the token’s current resistance zone is very possible, and the price can skyrocket to potential new highs to close out 2023. following the burn
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