Shiba Inu (Shiba) news

Shibburn Records a Substantial Drop in SHIB Burn Rate Despite Price Surge

Shibburn, a platform tracking burn transactions for the second-largest cryptocurrency by market capitalization, recorded a significant drop in the SHIB burn rate despite a recent surge in prices.

Sharp Decline in SHIB Burn Rate: In the past 24 hours, the SHIB community managed to burn only 1,255,916 SHIB, resulting in a staggering -56.43% decrease in the burn rate compared to the previous day when almost 2,800,000 SHIB was burned. This decline occurred as meme token Inu’s funds were moved to a non-spendable blockchain wallet.

New Automatic SHIB Burn Mechanism Launch: The SHIB development team is transitioning the Shibarium burn mechanism from manual to automatic mode. Although currently implemented on the Puppynet Layer-2 blockchain testnet, it is expected to be launched on the main network soon.

Launch Details: The burn mechanism, led by the primary developer Shitoshi Kosama, destroyed over 40 billion SHIB meme tokens through substantial transactions from November to January. These funds were sourced from transaction fees on Shibarium paid by users in BONE.

A portion of these fees is allocated for the developers to maintain Shibarium operations, while the remaining portion is used to reduce the circulating supply of Shiba Inu by converting BONE tokens to SHIB. In November, developers announced having one million dollars worth of bones ready for burning. Some community members suggested burning a portion of the bones, but Shitoshi Kosama emphasized that only SHIB should be burned.

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This week, the Shiba Inu team announced the upcoming launch of a new era. The burn mechanism signifies an essential development as it evolves from manual to automatic on the blockchain network, reflecting the project’s commitment to innovation and sustainability.

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