 
 
Shiba Inu (SHIB) has been struggling to regain its footing after experiencing a dramatic 70% decline from its February 2024 highs, with its present buying and selling worth languishing round $0.00001.
Notably, buyers have constantly attributed this downturn to the overwhelming provide of 589 trillion tokens, which has saved the value locked in a good vary between $0.000011 and $0.000015 over the previous few months.
Nonetheless, current progress has supplied a contemporary sense of optimism for SHIB lovers. On Sep. 13, Lucie, the lead marketer of the Shiba Inu ecosystem, introduced a big improve to Shibarium, the platform’s Layer 2 scaling answer. This replace, slated for launch on Sep 20, contains the Bor improve (v1.3.7) and the Cancun exhausting fork, which purpose to reinforce Shibarium’s efficiency, safety, and scalability.
Lucie additional outlined that the improve incorporates key enhancements, equivalent to higher integration with Ethereum’s newest applied sciences, which guarantees to easy efficiency and optimize peer-to-peer networking. Moreover, transaction prices are anticipated to turn into extra predictable and reasonably priced whereas processing speeds are set to extend. The replace additionally focuses on refining cross-chain operations, making certain asset transfers throughout completely different blockchains are extra seamless.
Regardless of this replace, considerations about SHIB’s provide persist. On Sep. 14, a group member urged Lucie and the community’s growth workforce to handle the token’s burning mechanism to mitigate its oversupply.
 
“Provide is the foremost drawback for us. Do some factor guys,” he famous.
Lucie responded by explaining that the unique creator, Ryoshi, had burned the keys, which means there was no direct management over the token provide. As a substitute, she emphasised the necessity to construct a big consumer base to facilitate the oblique burning of tokens.
“To essentially cut back the availability in a giant manner, we want hundreds of thousands (even billions) of customers! The plan is to construct an epic system that brings in tons of individuals, utilizing Shibarium day-after-day. The extra customers we’ve, the extra SHIB will be burned, making it extra worthwhile over time.” Lucie acknowledged.
Lucie additionally highlighted the significance of widespread adoption and group development.
“There’s a big want for onboarding hundreds of thousands of customers. It’s all about adoption and development on Shibarium; you then’ll see burns,” she emphasised.
That mentioned, wanting ahead, the SHIB group continues to broaden its affect, with 1.4 million holders and over 6 million social media followers. Strategic partnerships and technological developments are anticipated to drive additional development. Furthermore, if important whale exercise results in large-scale token burns, the discount in circulating provide might doubtlessly drive up the value of SHIB, creating an setting ripe for a surge towards $0.001.
At press time, SHIB was buying and selling at $0.00001417, reflecting a 0.26% drop over the previous 24 hours as per CoinMarketCap information.
