Shiba Inu (SHIB) fans might be in for a treat as the project’s Shibarium network will begin to automate token burning in January. The automated burns will bid farewell to manual token burning. However, SHIB fans and investors are curious about how many tokens the Shibarium network would incinerate.
Also Read: Shiba Inu: How High Can SHIB Rise In January 2024?
According to some rumors, the network may burn trillions of tokens yearly. Shiba Inu (SHIB) influencer and team member “Lucie” had previously said the project could burn 111 trillion tokens yearly. Going by that estimate, we may see almost 10 trillion SHIB tokens being removed from circulation every month.
However, the team has not confirmed how many tokens Shibarium may burn.
Will Shiba Inu (SHIB) rally after the automated burns?
Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. However, the dog-themed crypto has faced a sharp 10% correction in the last 24 hours and consequently gained a zero after its decimal point, which it struggled to delete towards the end of 2023.
Moreover, Shiba Inu’s (SHIB) performance last year was lackluster, given that the project had a major layer-2 network launch in August. Despite the launch, SHIB’s price struggled to gain traction. Apart from SHIB, Dogecoin (DOGE) also took a backseat in 2023. Both are among the most popular meme coins, but other altcoins, such as Solana (SOL) and Avalanche (AVAX), outperformed both dog-themed tokens.
Also Read: Shiba Inu: Can You Become a Millionaire With SHIB in 2024?
If the new burn protocol can remove 10 trillion tokens monthly, we may see a rise in SHIB’s price. SHIB’s massive supply is one of the most significant barriers to the asset’s price.
However, burns alone may not lead to a rally. According to Shiba Inu (SHIB) lead developer Shytoshi Kusama, the Shibarium project will also need a rise in adoption for prices to rally. As more applications make their way to the Shibarium network, we may see more adoption for the token. Both developments, increased burns and adoption, will do the trick for SHIB’s price.
