How is Shibarium Able to Determine SHIB Price Movement?

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The Shiba Inu (SHIB) network has grown in popularity over the last few years thanks to the skyrocketing price of SHIB during the bull run in 2021. Even though it is seen as a memecoin, a number of investors see SHIB as having high potential.

As a community-driven crypto project, Shiba Inu has managed to secure major partnerships and business deals that boost investor sentiment.

Shibarium and Impact on SHIB Prices

One of the most popular features is burning or destroying SHIB. The extermination process is not only carried out by the developer, but by the entire Shiba Army community.

Although there has been a large number of cullings, the price of SHIB has not soared as it has in the past. Therefore, the Shiba Inu community urges various burning portals to increase the number of tokens destroyed.

Alex, founder of extermination portal Shibburn, said all portals have one goal which is to cut the supply of SHIB which started at one quadrillion tokens and has been reduced by almost half thanks to Vitalik Buterin's burning.

He added, “There are several ways to increase burning efficiency. We managed to burn a huge amount with Twitter Super Follower. If all of our followers help destroy tokens, we can achieve burning of US$1.3 million per month before taxes.”

Unification, advisor to Shibarium developers, announced that the layer 2 solution has been developed and is ready to enter its fourth alpha testnet which will also become a public testnet.

While the community waited for Shibarium to launch at the end of the fourth quarter, Alex explained the impact of Shibarium on SHIB prices.

The Shibburn founder said Shibarium will boost burning rates once the layer 2 solution is launched.

“No one knows the percentage of burning for each transaction, but even a small percentage will have a big impact. In addition, increased burning will encourage investors to buy SHIBs and participate in the extermination process,” added Alex.

He emphasized that trading volume will also increase after the launch of Shibarium. This new technology is expected to reduce gas fees, thereby increasing the number of transactions and destruction that occur.

Watcher Guru reports, in the last 24 hours, a total of 61,329,300 SHIB tokens were sent to dead wallets. The daily burning rate has increased by almost 40 percent.

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