Clarification on Shibarium’s New Burning Mechanism and Recent SHIB Burns
In a recent tweet, the administrator of the “Shibarium Tech” channel on Telegram, @RagnarShiba, addressed a misunderstanding that arose within certain segments of the global Shiba Inu community regarding the new burning mechanism of Shibarium and the “new era” in SHIB burns.
Ragnar clarified that some members of the SHIB army seemed to have misunderstood the article on this topic published in the latest issue of the Shiba magazine.
Clarification on Shibarium’s Burning Mechanism:
Discussing this matter, the Shibarium management conveyed information from the Shiba magazine, stating that the new SHIB burning mechanism began testing in January on Puppynet (Shibarium’s test network). Ragnar emphasized that only after successful testing on Puppynet would it be implemented on the main network.
Ragnar shared an excerpt from the article in the tweet, allowing the SHIB army to review it. The excerpt clearly states: “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.” The article explains that this is a transformative mechanism for burning unique tokens, aiming to significantly reduce the circulating supply of SHIB tokens to increase SHIB’s value and benefit its ecosystem. In January, the burning mechanism will transition into an automated system on Puppynet.
The automated SHIB burning operations will operate “based on predefined rules” and make the entire process “more efficient and transparent.” Alongside testing the new burning mechanism, the Shiba Inu development team has migrated Shibarium (its test network until now) from Ethereum’s Goerli network to Sepolia, the second-largest blockchain platform.
Hundreds of Millions of SHIB Burned in the Past Week:
The Shibburn tracking platform shared an update on the weekly burns conducted by the Shiba Inu community. Over the last seven days, a total of 230,000,431 SHIB meme coins were converted to non-spendable blockchain wallets and removed from circulation permanently. This figure represents a slight decrease compared to the previous week, with a reduction of 12.18%.
READ MORE Shiba Inu (SHIB) Experiences Surge in Burn Rate Amid Development Milestones
In the last 24 hours, the SHIB army burned 13,933,042 SHIB, marking an 87.96% decrease in the burning rate. Shibburn also reported that during the past month of January, the SHIB community successfully burned nearly 10 billion SHIB meme coins.
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