SHIB News: Will Shibarium Auto Burn Boost SHIB Price?

Shiba Inu (SHIB) has been making headlines with its latest development: the Shibarium auto burn feature. This new mechanism automatically reduces the supply of SHIB tokens, creating excitement among investors who are hoping it will drive up the price. In this article, we'll explore how this feature works and what it could mean for SHIB's future value. Let's take a look at this SHIB News today article in more detail.

How has the Shiba Inu (SHIB) Price Moved Recently?

Shiba Inu (SHIB) is currently priced at $0.00001333, with a 24-hour trading volume of $143.30 million and a market cap of $7.85 billion, holding a market dominance of 0.38%. Over the past 24 hours, SHIB's price has decreased by 0.76%.

SHIB reached its all-time high of $0.00008819 on October 28, 2021, and hit its lowest point at $0.0000000005637 on November 28, 2020. Since its all-time high, the lowest price it touched was $0.00005821, and the highest rebound was $0.00004501. The current sentiment around SHIB's price is bearish, with the Fear & Greed Index indicating a score of 25, signaling extreme fear.

Shiba Inu has a circulating supply of 589.27 trillion SHIB out of a maximum supply of 589.74 trillion SHIB. The supply has slightly deflated by -0.01% over the past year, with 74.85 billion SHIB being burned during this period.

Shibarium's Auto Burn Feature is Now Live

The long-awaited auto burn feature has finally launched with ShibTorch, fulfilling a major promise from the Shiba Inu ecosystem developers. Although the name and launch timeline were kept under wraps until now, the feature has quickly won over the community.

As a leading meme coin, Shiba Inu has always focused on reducing its excess supply. Previously, the process relied heavily on community efforts to manually burn SHIB tokens, which led to significant variations in the amount burned.

This unpredictable approach has made it difficult for Shiba Inu to maintain stability. However, with ShibTorch now in play, things are set to improve. The ShibTorch team has outlined three main goals for the auto burn feature: controlling inflation, decreasing supply to boost value, and encouraging holders to gain more over time.

Lucie, the Marketing Executive, shared that ShibTorch will burn only the base fees paid by users, directing these fees to the burn contract, while additional fees will go to validators.

Users will initiate a burn process by accumulating BONE, which is then converted to SHIB on Ethereum and burned from circulation. Despite automating the burn process, ShibTorch remains deeply connected to the community.

Will Shibarium Auto Burn Boost SHIB Price?

The introduction of Shibarium's auto burn feature could significantly impact SHIB’s price, but predicting the extent of this boost involves analyzing several factors. The auto burn mechanism aims to reduce the overall supply of SHIB tokens, which, in theory, should create upward pressure on the token’s price. By systematically removing tokens from circulation, Shibarium could help mitigate inflationary effects and potentially enhance SHIB’s value.

Historically, Shiba Inu's price has been sensitive to changes in supply dynamics. The manual burning efforts, although beneficial, were irregular and dependent on community participation. 

The automated approach of Shibarium introduces consistency in the burn process, which could lead to a more predictable reduction in supply. This stability might attract more investors, potentially driving up demand and, consequently, the price.

However, the effectiveness of Shibarium’s auto burn in boosting SHIB’s price will also depend on broader market conditions and investor sentiment. If the crypto market experiences a downturn or if there is a lack of renewed interest in SHIB, the positive effects of the auto burn might be overshadowed. 

Additionally, while the auto burn could enhance SHIB’s value, it is crucial to consider that price movements are influenced by a complex interplay of factors, including market trends, technological developments, and overall market sentiment.

While Shibarium's auto burn feature has the potential to positively impact SHIB’s price by reducing supply and providing a more consistent burn process, its success will ultimately be determined by how these changes interact with broader market conditions and investor behavior.