- Shiba Inu initiates Shibarium-powered burns, aiming to propel SHIB to $0.01.
- Shibarium has witnessed a significant spike in transaction volumes, reaching over 60 million transactions in a short span.
- Positive market reactions follow as SHIB’s price surges by 25.3% in two weeks amid ongoing burns.
In a notable move for Shiba Inu (SHIB) enthusiasts, the long-anticipated Shibarium-powered burns have officially begun, promising a potential catapult for SHIB’s value towards the coveted $0.01 milestone.
Four months after Shibarium’s launch, the Shiba Inu development team has initiated the burning process, utilizing a portion of the network’s fee to buy and burn $75,000 worth of SHIB. This action arrives on the heels of a significant surge in total transaction counts within the Shibarium ecosystem.
The platform has witnessed an exceptional surge in transaction volumes, surpassing 7 million daily transactions since December 2, marking a meteoric rise to over 60 million in just a fortnight. This influx in activity contributed to a notable spike in the network’s fees, crossing the $25,000 mark required to facilitate SHIB burns.
Resulting from these developments, SHIB’s market performance has been notably bullish. In recent weeks, SHIB has surged by 25.3%, trading positively amid ongoing burns. The canine-themed token, with its price now comprising four zeros after its decimal point, exhibits promising signs, standing at $0.00001038 as of the latest market update.
The fervent anticipation for a potential surge to the $0.01 milestone is further fueled by the ongoing Shibarium-powered burns. The substantial circulating supply of SHIB has been a key hurdle preventing the coin from reaching this mark. However, with over 410 trillion SHIB already incinerated and the promised acceleration of burns via Shibarium, optimistic speculations abound regarding SHIB’s trajectory.
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