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In response to the recent bearish trend in the overall cryptocurrency market, Shiba Inu has experienced a notable uptick in its price. This surge coincides with the announcement of the initiation of the Shibarium L2 burn for SHIB tokens, leading to Shiba Inu’s highest network activity and increased user acquisition in four months. As the Shibarium burn progresses, there is anticipation that Shiba Inu’s price could see a significant boost.



Over the past 14 days, Shiba Inu has already seen a rise of 24.2%, coupled with an 8.4% increase over the previous month. The commencement of the Shibarium burn is expected to reduce the circulation of SHIB tokens, potentially propelling the asset further into positive territory.


The development of a new burn mechanism has been in progress for some time, with the SHIB community aiming for a target price of $0.01. Despite the seemingly ambitious nature of this goal due to the project’s extensive supply, the implementation of the new burn mechanism could make the one-cent target more achievable by significantly reducing the circulating SHIB tokens.


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