Important SHIB Burn Clarification Made by Shiba Inu Member

Sat, 3/02/2024 – 9:36

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Contents

  • Clarification about Shibarium burn mechanism
  • Hundreds of millions of SHIB burned in past week

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In a recently published tweet, the admin of the “Shibarium Tech” channel on Telegram @RagnarShiba clarified the misunderstanding that arose among some parts of the global Shiba Inu army regarding the new Shibarium burn mechanism and the “New Era” in SHIB burns.

Some SHIB army members apparently misunderstood the article about this published in the recent Shiba Magazine edition, Ragnar believes.

Clarification about Shibarium burn mechanism

Addressing this issue, the Shibarium admin quoted the article from the Shiba Magazine. It said that the new mechanism of SHIB burns began to be tested in January on Puppynet (the Shibarium testnet). Only after that will it be implemented on the mainnet, Ragnar emphasized.

He shared an extract from that article so that the SHIB army could take a look at it once again in the tweet. The extract clearly states: “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.” This is a transformative token-burning mechanism, the article explains, and its goal is to drastically reduce the circulating supply of SHIB tokens with the aim of increasing SHIB’s value and benefiting its ecosystem. In January, the burn mechanism will “evolve into an automated system” on Puppynet.

Automated SHIB burns will “operate based on predefined rules” and will make the whole process “more efficient and transparent.” Along with the tests of the new burn mechanism, the Shiba Inu developer team has transferred Shibarium (its testnet so far) from Ethereum’s Goerli network to Sepolia based on the same, the second largest blockchain platform.

Hundreds of millions of SHIB burned in past week

The Shibburn tracking platform has shared an update about the weekly burns conducted by the Shiba Inu community. Over the past seven days, the amount of Shiba Inu meme coins transferred to unspendable blockchain wallets and out of circulation for good totaled 230,000,431 SHIB. The increase in the burn rate itself, however, was minimal compared to the previous week — 12.18%.

Over the past 24 hours, the SHIB army disposed of 13,933,042 SHIB, with the burn rate plummeting by 87.96%. Shibburn has also reported that over the past month of January, the SHIB community succeeded in burning close to 10 billion SHIB meme coins.

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