Shiba Inu, has seen an increase in its price over the past weeks as the entire crypto market has started to decline. This week Shiba Inu recorded its highest network activity and new user acquisition in 4 months after the team announced that Shibarium L2 would begin burning SHIB tokens. With double-digit gains and Shibarium burning, the price of the Shiba Inu may be poised to skyrocket.
SHIB is currently up 24.2% on the 14-day chart and up 8.4% from the previous month. Shibarium Once the burning process begins, the SHIB circulation will narrow, thus pushing the asset further towards the green.
A new burning mechanism has been under development for some time. meme coin its fans and users are still chasing $0.01 (one cent) for the asset. However, given the project’s massive supply, $0.01 seems like an unattainable goal. However, if the new burning mechanism can burn most of the SHIB tokens in circulation, it will make the one-cent dream more attainable.
Koinfinans.com As we reported, the developers have not provided an update on exactly how much of the existing Shiba Inu supply will be burned. However, with Shiba Inu being on the rise over the past few weeks, the potential for the token to break through the current resistance zone is very possible. Additionally, the price could potentially rocket to new highs to close out 2023.