As the Shiba Inu team commences the highly-anticipated Shibarium-powered burns, the value of SHIB could spike tremendously, hitting the coveted price of $0.01.
The price of Shiba Inu (SHIB) has been reacting positively to the Shibarium-powered burn that began this week.
Shiba Inu Completes First Shibarium-Powered Burn
Four months after the launch of Shibarium, the development team behind Shiba Inu used a part of the network’s fee to buy and burn $75,000 worth of SHIB.
As reported earlier, the Shiba Inu team sent a whopping 8.24 billion SHIB to a dead wallet in a single transaction. The Shibarium-powered burn occurred earlier than expected due to a massive spike in the network’s total transaction count.
Notably, Shibarium has been seeing over 7M daily transactions daily since December 2. In just two weeks, Shibarium has recorded over 60 million transactions.
Following the spike in Shibarium transaction volume, the network’s fee also increased significantly, surpassing the $25,000 threshold needed to buy and burn SHIB.
Team Moves to Enhance Burns
Despite the team incinerating over $75K worth of SHIB using a part of Shibarium’s base fee, the team still took a major step towards enhancing the network’s burns.
The Crypto Basic reported earlier that Shibarium completed its first hard fork as part of an effort to enhance Shiba Inu burns. Additionally, the team has been developing a burn mechanism to increase the number of SHIB tokens to be burned through Shibarium.
SHIB Price Surges Amid Burns
While there is still no official date for the launch of this burn mechanism, SHIB’s price has been reacting positively to the ongoing burn efforts.
The canine-themed token, now trading with four zeros after its decimal, has surged 23.7% over the past seven days and 25.3% in the past two weeks. At the time of writing this line, SHIB was up 4.4 in the past 24 hours to $0.00001038.
Interestingly, the price of SHIB is expected to surge further in the coming weeks as Shibarium-powered burns continue to reduce the token’s enormous circulating supply.
The massive supply of SHIB is seen as the major factor hindering SHIB from reaching the $0.01 (1 cent) dream. Hence, the community embarked on an initiative to reduce the supply via burns.
Data from Shibburn shows that 410,671,715,938,503 (410.67 trillion) SHIB have been incinerated so far. With the commencement of Shibarium-powered burns, the number of burned SHIB is expected to skyrocket tremendously, leading to a surge in price and possibly reaching the $0.01 coveted price.
Shiba Inu developers have yet to reveal the number of SHIBs that will be incinerated via Shibarium. However, Shiba Inu enthusiasts have remained bullish that SHIB’s price will skyrocket as more tokens are taken out of circulation via Shibarium-powered burns.
