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New Shibarium Update Sets The Stage For Shiba Inu To Reach All-Time High
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New Shibarium Update Sets The Stage For Shiba Inu To Reach All-Time High

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Shiba Inu Shibarium burn

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The burning of SHIB tokens has become an important part of the Shiba Inu community. Each week, tokens are sent to a ‘burn’ address by community members as they try to reduce the supply of the token. This is why the introduction of a burn mechanism for the Shibarium Layer 2 network is a welcome development for the community.

Lead Dev Says Shiba Inu Burn Portal Is Coming

In a tweet shared on X (formerly Twitter) on Monday, Shiba Inu lead marketer LUCIE shared a much-anticipated announcement with the community. Lucie revealed in a screenshot of an exchange with the developer that a Shiba Inu burn portal for Shibarium was being developed.

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This comes after a long stretch of calls for the team to introduce an automatic burn for SHIB as the Shibarium blockchain grows. However, contrary to the belief that the burn portal is exactly what is needed, the developer emphasized that “BURNS WILL NOT AND ARE NOT THE END ALL BE ALL.” Instead, the developer says that the focus should shift toward the adoption of the blockchain rather than being on just burns.

So to confirm that ADOPTION is the right way🌝$SHIB Burns x Shytoshi answered pic.twitter.com/BizkLZ0V83

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 4, 2023

The developer’s words echo an earlier post made by the lead marketer on X. According to Lucie, the only way that SHIB would be burned is if the blockchain is being used. Token burns are dependent on fees generated from transactions. So this is why the emphasis should be placed on adoption rather than straight burns. “The more you use Shibarium, the higher the traffic, which drives up gas fees,” Lucie explained in the tweet.

WE NEED TO USE #Shibarium
It won’t burn $SHIB if you don’t use it!

Onboarding millions of people to Shibarium will take time and community effort.

More information about burns will be revealed in the upcoming documentation.

BUT it has been clearly explained in… pic.twitter.com/xjo27NlPP8

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 4, 2023

Lucie pointed out in a follow-up tweet that the Shiba Inu price had been able to hit its previous all-time high without any burn mechanism in place. “$SHIB will be a governance token with global adoption – the next ATH could be interesting,” she concluded.

Will A Shibarium Burn Portal Lead To New ATH?

The emphasis being placed on a burn mechanism by the community comes as a result of an expectation that lower supply leads to higher prices. While this is true for digital assets, there are other factors that contribute to a token reaching a new all-time high price.

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Shiba Inu Marketing Lead Sends Important Message To SHIB Holders

1 year ago

For one, the current crypto market trend has to be considered. With a bear market still raging on, it is safe to say that tokens are not hitting ATHs anytime soon. So even if a Shiba Inu burn portal was introduced today, it would not automatically guarantee a new ATH. However, it could lead to a surge in price, even if briefly. Hence, working toward adoption rather than just burns presents a more long-lasting value addition.

SHIB’s price is currently sitting at $0.000007549 after falling 2.40% in the last day and 6.91% in the last week. It is the 16th-largest cryptocurrency with a market cap of $4.44 billion.

Shiba Inu price chart from Tradingview.com (Shibarium burn)

SHIB bulls push price above $0.0000075 support | Source: SHIBUSD on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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