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Shiba Inu's Shibarium plans to introduce a new burn mechanism to lower SHIB supply, a strategy that could positively impact its value.
Shibarium Burn to Reduce SHIB Supply
The layer-2 solution, Shibarium, is about to perform a hard fork releasing an updated version of Bor, the central component of the network. The addition of a burn mechanism stands out.
Per U.Today, there will be a clear correlation between the burn mechanism and the base transaction fees. We will convert 70% of these fees to SHIB tokens and remove them from circulation. By reducing the overall supply of SHIB tokens in this fashion, its price has the potential to rise.
Ecosystem development will receive the remaining portion of the basic payments.
Shibarium Transactions to Influence Supply
The previous hard fork in Shibarium occurred in May at block height 4504576. Faster transactions and predictable gas fees were brought about via the hard fork. Because of this, the network may be made more accessible.
Additionally, Shibarium's security was improved with the last hard fork. Last August, Shibarium's layer-2 solution, which had been eagerly anticipated, went live. After launching, the network started to attract a lot of users.
Shibarium Transactions to Impact SHIB Supply
Over 417 million transactions have been processed on the Shibarium network. There are already more than 1.8 million wallets in circulation.
But now Shibarium isn't doing much of anything. Only 3,84,000 transactions were logged by the network on Wednesday.
A recent price fall for the SHIB token almost caused it to lose another zero. But it pulled a remarkable U-turn and ended up doing better than the meme coin industry as a whole.
The meme cryptocurrency has remained somewhat flat since reaching its present peak in October 2021; the burn mechanism might provide the much-needed boost it needs.
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