- The Shiba Inu development team has revealed that the long-awaited auto-burn feature will be deployed this month.
- With SHIB burns set to increase in quantity and regularity, this could be a catalyst for a price rally.
The Shiba Inu development team has provided a key update on the auto-burn feature. Through Shiba Inu Magazine, the team revealed that the testnet will launch later this month. This feature has been hailed by the team and the community as a game-changer as it solidifies its economic model.
Ideally, token burning allows the network to reduce the number of tokens in supply, artificially creating demand for the remaining tokens and potentially catalyzing price rallies. Since commencing SHIB burns, data from Shibburn.com, which tracks SHIB token burns, shows that a total of 410,708,016,043,554 tokens have been burned at the time of press.
In the past, CNF has reported on some record-breaking burns. One of these occurred early this month when the network burnt 9.25 trillion SHIB. Shiba Inu’s layer 2 solution, Shibarium, has also played a huge role in the total number of SHIB burnt, accounting for billions of tokens burnt so far.
Critically, the team will first deploy the atomized system on Puppynet to ensure there is rigorous testing before it can be deployed on the Shiba Inu mainnet. It is crucial to the developers and community alike that the upgrade is efficient, refined, and reliable before it is deployed on the mainnet. During the testnet, the community will be able to better understand, observe, and see the effects of the new feature.
In the wake of this positive news, Shiba Inu’s native token, SHIB, has witnessed a 2% surge in the last 24 hours. This marks a key recovery after a remarkable plunge that has seen the altcoin lose 6% in the last 7 days. At the time of this writing, the memecoin is trading at $0.000008898 and enjoying a market cap of $5.25 billion, which sees it ranked as the 18th largest cryptocurrency.
Based on the dedicated development team, robust community, technical setup, and continued adoption of the network, Shiba Inu has emerged as one of the most promising digital assets in 2024. Technical analyst Javon Marks has recently predicted a major breakout for the altcoin, comparing the upcoming surge to its 2021 run that saw it set a new all-time high.
Experts foresee SHIB shedding a couple of zeros on its way to an all-time high. But while the long-term outlook remains bullish, the short-term outlook is at the mercy of large-cap coins led by Bitcoin.
