Shiba Inu: SHIB’s Price Reaction to Major Burn Announcement
The Shiba Inu team made a significant announcement last Friday confirming that the layer-2 solution Shibarium will introduce an automatic burning mechanism. Launching a hard fork with the new Bor version will upgrade the burning mechanism and enhance the ecosystem. SHIB’s price was expected to skyrocket after the announcement but went the opposite direction in the charts. Also Read: Shiba Inu: How To Make $1 Million If SHIB Reaches $0.01 Why Did SHIB’s Price Dip Despite the Shibarium Announcement? Source: Wallpaperflare.com Market Reaction We're launching a Hard Fork with the new Bor version! ️ On August 9, 2024, at 9:15 AM UTC, we're launching Bor version v1.1.2-bone. This version introduces a burn mechanism to enhance our ecosystem. Get ready for the #BURN! — Shibarium Network (@ShibariumNet) August 8, 2024 The market did not find the announcement bullish despite Shibarium’s promises of automatically burning SHIB tokens. The layer-2 blockchain will send the tok...