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Cryptocurrency News Articles
Shiba Inu (SHIB) Unveils Shibarium Upgrade, But Concerns About Token Supply Persist
Sep 21, 2024 at 04:12 am
Shiba Inu (SHIB) has been struggling to regain its footing after experiencing a dramatic 70% decline from its February 2024 highs
Shiba Inu (SHIB) has been experiencing difficulties in regaining momentum after facing a substantial 70% decline from its February 2024 highs, with its current trading price hovering around $0.000014.
This downturn has been consistently attributed by investors to the overwhelming supply of 589 trillion tokens, which has kept the price locked in a tight range between $0.000011 and $0.000015 over the past few months.
However, recent developments have offered a fresh sense of optimism for SHIB enthusiasts. On Sep. 13, Lucie, the lead marketer of the Shiba Inu ecosystem, announced a key upgrade to Shibarium, the platform’s Layer 2 scaling solution. Slated for release on Sep 20, this update includes the Bor upgrade (v1.3.7) and the Cancun hard fork, both of which are designed to enhance Shibarium's performance, security, and scalability.
In addition to these upgrades, Lucie announced that the update will also integrate Shibarium with Ethereum's latest technologies to improve performance and optimize peer-to-peer networking. Furthermore, transaction costs are set to become more predictable and affordable, while processing speeds are also expected to increase. The update will prioritize improving cross-chain operations to facilitate smoother asset transfers across different blockchains.
Despite this update, concerns about SHIB’s supply continue to be raised by the community. On Sep. 14, a community member urged Lucie and the network's development team to address the token's burning mechanism to help reduce its oversupply.
“Supply is the major disadvantage for us. Do some thing guys,” he noted.
In response, Lucie explained that the original creator, Ryoshi, had burned the keys, which meant there was no direct control over the token supply. Instead, she highlighted the need to build a large user base to facilitate the indirect burning of tokens.
“To really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system that brings in tons of people, using Shibarium every day. The more users we have, the more SHIB can be burned, making it more valuable over time.” Lucie stated.
Furthermore, Lucie emphasized the importance of widespread adoption and community growth.
“There’s a significant need for onboarding millions of users. It's all about adoption and growth on Shibarium; then you’ll see burns,” she highlighted.
As the SHIB community continues to expand its influence, with 1.4 million holders and over 6 million social media followers, the community is set to grow further through strategic partnerships and technological advancements If significant whale activity leads to large-scale token burns, the reduction in circulating supply could potentially drive up the price of SHIB, creating an environment ripe for a surge toward $0.001.
At press time, SHIB was trading at $0.00001417, reflecting a 0.26% drop over the past 24 hours, according to CoinMarketCap data.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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