According to a Discord update by DaVinci, Shiba Inu’s (SHIB) Shibarium network has undergone a hard fork. The objective of the hard fork is to enhance burns and allow multiple token burning, namely SHIB and ShibaSwap Bone (BONE).
BONE, Shibarium’s governance token, has surged 0.8% in the last 24 hours and 24.7% in the weekly charts. Moreover, the asset is up 24.2% in the 14-day chart and 8.4% over the previous month.
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On the other hand, Shiba Inu (SHIB) has faced a 4% correction in the daily charts. However, the token is still up by 16.2% in the weekly charts and over 13% over the last month.
While many have applauded the update to allow BONE burns, others have questioned the move. Many holders have asked why they would surrender governance power by burning BONE tokens.
Will Shiba Inu’s (SHIB) price rally after the new burn mechanism?
A new burn mechanism has been under development for quite some time. SHIB fans and users are still pursuing a price of $0.01 (one cent) for the asset. However, given the project’s massive supply, $0.01 seems like an unachievable target. Nonetheless, if the new burn mechanism can incinerate most of the SHIB tokens in circulation, it would make the one-cent-dream more approachable.
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However, the team has not given any updates on how many tokens they can burn with the new fork. For SHIB to reach a price of $0.01, a significant amount of tokens require burning.
Moreover, burns alone will not push Shiba Inu’s (SHIB) price. According to lead developer Shytoshi Kusama, the token also needs to see an increase in demand. As more applications launch on Shibarium, we may see an increase in adoption soon.