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- The ShibTorch portal has officially been introduced to accelerate the Shiba Inu burning process and control the circulating supply.
- An analyst has predicted that Shiba Inu could embark on a 354% surge to trade at $0.000081 in the near term.
Shiba Inu (SHIB) has finally opened the much-anticipated ShibTorch burn portal to the public on Shibarium. It pledges to subject SHIB’s circulating supply to strategic control and regulation through a community-driven burn.
According to the announcement made on the official Shibarium’s X account, ShibTorch was primarily established based on three fundamental principles – reduce the overall quantity of the token by subjecting all transactions to a proportional burning process, curb inflation, and incentivize Shib holders with reasonable value proposition.
Introducing #ShibTorch! 🔥
The long awaited community Burn Portal is now live. Every #Shibarium L2 transaction now helps burn $SHIB, reducing the total supply.
Start burning today 👇https://t.co/NL6HAkE90j
— Shibarium Network (@ShibariumNet) August 16, 2024
Fascinatingly, an EIP-1559 component was integrated into the portal to take care of charge predictability and efficiency. Our research also reveals that transaction fees have been demarcated into two categories: base and priority. While the base fees are locked into the burn contract, the priority fees are distributed to validators.
Specifically, an accumulation of 100 BONE tokens in the burn contract would automatically initiate the burn, with 3.26 million SHIB tokens permanently eliminated by ShibTorch as of press time.
Prior to the introduction of the ShibTorch portal, we announced the execution of a Shibarium hard fork designed to upgrade the protocol to v1.1.2-bone.
Previous Preparations Towards ShibTorch Implementation
In a December 2023 blog post published by Shiba Inu and reviewed by CNF, the token burning mechanism was initially introduced in two phases – manual and automatic transition. The former managed the initial burning process, which was manually managed by the official deployer wallet. This was reported to improve the health and sustainability of the network through monitoring and adjustment.
The second phase, which commenced in January 2024, was designed to transition the mechanism to an automatic system. Months later, 410,727,963,924,366 Shiba tokens have been burnt from the initial supply. On August 13, we reported that 40,539,008 Shib tokens had been burnt in 24 hours, representing an 8007.8% surge.
Price Analysis of Shiba Inu
Shiba Inu is still trending on a bearish line that began on March 5. However, its Moving Average Convergence Divergence (MACD) momentum indicator currently remains positive. Analysts anticipate a bullish run by 12% from the current mark, targeting crucial support between March and August, $0.00001484.
Confirming this outlook, crypto analyst Javon Marks recently disclosed the existence of a hidden bullish divergence within its Relative Strength Index (RSI). According to him, Shiba Inu could surge by 162% and target the $0.0000456 price zone. From here, Marks believes that the asset could proceed to initiate a 354% surge to hit $0.000081.
SHIB has broken out of a larger resistance structure, which sets up a potential move towards $0.000081. Beyond this target, there’s an additional 75% upside possibility, bringing the total potential gain to over 354%.
At press time, Shiba Inu was trading at $0.00001314 after declining by 1.2% in the last 24 hours, 2% in the last seven days, 26% in the last 30 days, and 48% in the last 90 days.
