- A preview of the Shibarium burn mechanism has been unveiled.
- Shiba Inu managed to stay afloat as bulls reclaim power ahead of the new upgrade.
A Twitter user has taken to the social platform to roll out a preview of the SHIB burn mechanism in Shibarium which has left the community in a state of excitement. Although the sentiments were largely positive, many are questioning the source of the shared info.
Breaking: previews of the $SHIB burn mechanism for Shibarium have been released 🔥🔥
— $SHIB BPP (@ShibBPP) May 21, 2023
The Twitter user has taken to the platform to share screenshots of the burn mechanism interface. According to the screenshot, users will be able to burn BONE as soon as the amount of Bone ready to be burned is greater than 10 BONE.
Answering questions on the transaction burn and fee structure, the user who shared the screenshots explained how the process of transaction fees set aside for a burn will be carried out.
The transaction fees destined to burn will be accumulated up to a certain amount and then the Burn will be triggered. My current understanding is that anyone will be able to trigger it after the threshold is reached. But it is a beta so details might change.
So far, the Shiba Inu burn rate has been unstable. Although the burn rate has surged significantly to reach millions, it has its highs and lows.
According to Shib Burn, a Shib burn tracker that calculates the Shiba Inu burn rate, over 10 million Shiba Inu have been burnt within the last 24 hours. The overall burn rate has now dropped to -73.37 percent despite more than 3 billion Shiba Inu tokens having been burnt in the last week.
Shiba Inu maintains momentum in the green position as bulls pump price upwards
Meanwhile, Shiba Inu has managed to stay afloat despite the current market conditions. While a handful of crypto assets are nursing losses, Shiba Inu is largely in the green zone. At the time of this report, Shiba Inu (SHIB) gained 1.81 percent in 24 hours. According to our data, Shiba Inu is now trading at a price of $0.000008788 at the time of this report,
Ideally, a Shiba Inu burn is promising for the memecoin. But it is worth noting that Shiba Inu has gained newer rivals. The likes of Pepecoin (PePe) and Bone .. are some of the altcoins that have been gaining traction in the previous weeks.
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Key players assert that their impact could surge with time. While Shiba Inu is currently positioned above the aforementioned altcoin, the asset will need to maintain momentum at those levels in order to beat other rivals.
With the Shiba Inu network remaining committed to burning the memecoin, scarcity is poised to increase. In turn, demand for Shiba Inu could possibly skyrocket and push prices to higher levels in the long term.
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