Shiba Inu Could See New ATH with Massive Shibarium Burns

shiba inu

Lucie, a marketing specialist for Shiba Inu, is encouraging the community to leverage Shibarium for the purpose of reducing SHIB tokens, potentially paving the way for a new all-time high (ATH). The Shiba Inu team remains steadfast in its dedication to reducing the current extensive circulating supply of SHIB tokens. 

In a recent Twitter message, Lucie, the marketing specialist for Shiba Inu, called upon the SHIB Army to actively engage with Shibarium, the newly launched scaling solution. Lucie emphasized that the blockchain alone will not initiate the burning of SHIB tokens without widespread adoption and utilization by the community. “We must utilize Shibarium. SHIB won’t undergo burning unless it’s put to use!” declared the marketing representative for Shiba Inu.

Read Also: Shiba Inu Introduces Wrapped BONE Token to Boost Engagement with Shibarium Network

Shibarium’s Role in Burning Shiba Inu Tokens

In her tweet, Lucie provided insight into the forthcoming details about how Shibarium plans to burn SHIB tokens, indicating that additional information will be included in upcoming documentation. However, she also noted that the current documentation already outlines the burning mechanism.

According to this documentation, when a user initiates a transaction on Shibarium, the base fee temporarily resides within a Shibarium contract. Significantly, 70% of this base fee is designated for burning SHIB tokens, while the remaining 30% is allocated to cover network maintenance costs.

In contrast, the priority fee serves as compensation for the validator.

Lucie also emphasized that introducing millions of people to Shibarium requires both patience and concerted community efforts. This perspective stems from the fact that Shibarium is a new blockchain, necessitating time for individuals to become proficient in its use.

Furthermore, Lucie’s tweet included a screenshot of a comment from Shiba Inu’s lead developer, Shytoshi Kusama. In this comment, the lead developer acknowledged that burning billions of dollars worth of SHIB tokens is no simple feat.

In light of this, Lucie encouraged the community to increase their use of Shibarium, as a surge in traffic could lead to higher gas fees, ultimately resulting in more Shiba Inu token burns.

During a related discussion, the SHIB content marketer stressed that burning SHIB tokens within Shibarium is a long-term endeavor. To be more specific, Lucie mentioned that the SHIB Army should anticipate observing the effects of Shibarium on Shiba Inu over the course of the next eight months.

Read Also: Shibarium Shines, Welcomes More Than 1 Million Wallets

Anticipating Shiba Inu’s Astonishing New All-Time High

Lucie also pointed out that Shiba Inu achieved its previous all-time high (ATH) with relatively minimal token burning and overall utility. She contended that Shiba Inu currently boasts greater utility and more dedicated efforts toward burning SHIB tokens.

In her own words:

“The last time SHIB reached its all-time high, there was little to no token burning and limited adoption compared to what we have now. SHIB is evolving into a governance token with worldwide adoption, and this upcoming ATH could indeed be intriguing.”

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :