Shiba Inu’s layer-2 scaling solution, Shibarium, has completed its first-ever hard fork upgrade. This monumental move introduces an enhanced token burning mechanism, allowing for simultaneous burns of multiple tokens.
Most notably, it paves the way for increased burns of SHIB and BONE. Along with spurring immediate price gains for BONE, the upgrade renews optimism within the community that SHIB can finally achieve its mythical $0.01 valuation.
Keypoints
- Shibarium successfully completed its first hard fork, designed to improve token burns, especially for SHIB and BONE
- The hard fork introduces an enhanced burning mechanism that can burn multiple tokens simultaneously
- BONE price saw a nice boost after the hard fork, rising 0.8% in 24 hours and 24.7% over the past week
- The new burn mechanisms raise hopes that SHIB can achieve its long-awaited target price of $0.01
- More applications launching on Shibarium could increase adoption and demand for SHIB
The hard fork occurred at block height 1962000 on the Shibarium blockchain. Lead developer Shytoshi Kusama said the fork “makes token burns better” especially for SHIB and BONE. The new mechanics will help accelerate the decrease of BONE’s circulating supply, which many token holders favor.
In the day following the upgrade, BONE’s price climbed 0.8%. Over the past week, it has surged nearly 25% to $1.26. SHIB dipped slightly in the daily charts post-fork but remains up 16% week-over-week.
The boost in BONE shows the potential impact Shibarium advancements can have on asset valuations. However, the greatest intrigue surrounds how increased SHIB burns could propel its price toward the coveted $0.01 mark.
Kusama noted that enhancing token burns alone won’t drive demand. But combined with accelerating development activity on Shibarium, the new mechanics create upside potential. There are currently over 5 million transactions on the network as ecosystem projects prepare launches.
As more applications introduce use cases to Shibarium, SHIB volume and burns should rise accordingly. With trillions of tokens remaining in circulation, supporters realize systemic burns mechanics introduced by the upgrade will be necessary to reach $0.01.
Shytoshi emphasized community members shouldn’t hesitate to share ideas for bettering the network. Shibarium’s hard fork proves the developers’ willingness to make big changes to bolster functionality. The upgrade exemplifies the team’s ethos of “move fast and break things” in pursuit of advancement.
If Shibarium continues rapidly iterating to improve technical capabilities and token utility, SHIB has a fighting chance of ascending to a penny. But it will require a communal effort across all ecosystem participants, not just core developers.
