Crypto Mania

SHIB Price Poised for Major Rally As Shiba Inu’s Shibarium Network Undergoes Major Fork

Shibarium, the core layer-2 network in the Shiba Inu ecosystem, has recently completed its first hard fork. This strategic move was designed to not only improve token burns but also introduce a model that supports burning multiple tokens concurrently. Meanwhile, the SHIB community is hoping to see the token’s price reach $0.01.

Shibarium Hard Fork

In a recent Discord update by DaVinci, the Shibarium network’s hard fork was announced, bringing excitement to the Shiba Inu (SHIB) community.

DaVinci shared that the hard fork was scheduled to commence at block height 1962000. Although it’s presumed that the fork has taken place, given that Shibarium is currently at block height 1987946, the team has yet to provide a formal update.

The main objective behind this strategic move is to enhance token burns, especially for SHIB and ShibaSwap Bone (BONE). The majority of BONE holders are supportive, helping to reduce the total supply of the asset. 

Meanwhile, some are not as excited about this development, although this significant development has the potential to reshape the tokenomics of the Shiba Inu ecosystem.

Price Impact on SHIB & BONE

After the fork, ShibaSwap Bone (BONE) has seen a notable increase, with a 0.8% rise in the last 24 hours and an impressive 24.7% surge over the week. The 14-day and monthly charts also show significant gains at 24.2% and 8.4%, respectively.

On the other hand, Shiba Inu (SHIB) experienced a slight correction, dipping by 4% in the daily charts. Despite this, SHIB remains strong, boasting a 16.2% gain over the week and a commendable 13% increase over the past month.

While many support the update allowing BONE burns, some have raised questions. Numerous holders are wondering why they should sacrifice governance power by burning BONE tokens.

Can SHIB Reach $0.01?

The SHIB community has long hoped to see the token’s price reach $0.01. While the abundant supply of SHIB tokens might make this goal seem ambitious, the new burn mechanism introduced through the hard fork brings fresh optimism.

Lead developer Shytoshi Kusama emphasizes that the token also requires an increase in demand. With more applications launching on Shibarium, there’s potential for increased adoption.

The burning of a significant portion of SHIB tokens in circulation could be a crucial move toward making the dream of reaching one cent more attainable.

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