The Shiba Inu (SHIB) community has eagerly awaited the meme coin’s one-cent mark. However, the turbulent cryptocurrency waters make it challenging for the asset to move towards this level.
Following the most recent market crash, SHIB dropped 84% below its all-time high of $0.0000884. At press time, however, the meme coin registered an uptick of over 5% and was trading at $0.00001397.
Telegaon data indicates that in 2040, Shiba Inu will primarily reach the one-cent milestone. The asset has a long journey ahead of it, and the only people who stand to gain from SHIB hitting a cent are those who patiently hold onto their assets. Can this dream, though, come true sooner?
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Shibarium a Game Changer for Shib?
Despite several hurdles and downfalls, the SHIB network has made it easier for the asset to achieve this milestone. A hard fork is scheduled to occur on the L2 network today, August 9, 2024, at 9:15 AM (UTC), per a recent announcement.
According to the official Shibarium X handle, the team will release a new version of Bor, v1.1.2-bone, after the hard fork. This will release the much-awaited SHIB burn mechanism.
In addition to improving the Shiba Inu blockchain’s overall performance, this new Bor version is anticipated to introduce an automated burn mechanism for SHIB burns.
This will be carried out through user fees. Upon releasing the new Bor version, user fees will be employed to automate Shibarium-powered SHIB burns.
There are two components to Shibarium transaction fees: priority and base fees.
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A portion of the base fee will go toward burning SHIB, while the priority fee is given to validators. The launch of Shibarium came with many expectations.
These included a rise in burns, which would eventually boost the price of SHIB. As a result, the one-cent dream could be closer to reality.
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