August 12, 2024 — Shiba Inu (SHIB) has been in the spotlight over the past 24 hours, thanks to a significant upgrade to its Shibarium blockchain, which introduced a new automated burn mechanism. This upgrade is designed to reduce the overall supply of SHIB tokens, potentially boosting their value over time.
The Shibarium hard fork, which was successfully deployed, now ensures that 70% of all base transaction fees are converted into SHIB tokens and permanently removed from circulation. This deflationary strategy is expected to enhance the token’s value by increasing scarcity. The remaining 30% of the fees will be allocated to the development and maintenance of the Shibarium ecosystem (Coinspeaker) (Crypto News Flash).
This latest development is part of a broader effort to improve the performance and functionality of the Shiba Inu blockchain, which has seen a surge in transaction volumes and wallet creations. Despite the recent price fluctuations, the SHIB burn rate has increased dramatically, which could drive renewed interest and optimism among investors (CoinDesk) (EconoTimes).
As the Shiba Inu ecosystem continues to evolve with these strategic upgrades, the community remains hopeful that these changes will positively impact SHIB’s market performance in the long run.
