- Shibburn official burn tracker counts 1.4B tokens burned in October.
- In spite of the 753 burning transactions, the burn count dropped 37%.
- SHIB Token devs responded to the enraged SHIB Army on Twitter (X).
The official canine coin Shiba Inu (SHIB) burn tracker Shibburn is at the hot seat on X, previously known as Twitter, after the calculated SHIB burns throughout October enraged fans of the currency. Indeed, the 1.4 billion $SHIB set ablaze by the SHIB Army in October is far less than the 2,323,834,085 (2.32 billion) threshold set in September 2023, achieved in just 426 transactions.
After the monthly message, multiple crypto enthusiasts weighed in on the decreased SHIB burn count. For instance, crypto enthusiast Brian DoerFlinger remarked: โWe need that many burned every day and then we may see value in 300 yearsโ.
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Another crypto investor concluded: โThanks for whoever is willing to burn SHIB. At the same time, I feel sad for those who burn their money but with no price movement. Keep watching lolโ.
On top of that, many SHIB community members threatened to leave if the slow Shiba Inu (SHIB) burning trend persists.
SHIB Devs Propose How To Raise SHIB Burns
Shiba Inu developer team leader Shytoshi Kusama took to Telegram to address the latest $SHIB burn concerns. He stated: โBurns will only come through utility. The expectation is magic burnsโ. But without real use there is no burnsโ. Further on, Shy Kusama referred to the current focus being on Shiba Name Service (SNS), the inaugural part of the SHIBDentity decentralized digital identity concept.
Notably, SHIB Tokenโs lead dev Shytoshi Kusama is referring to the slowed down action on Shibarium. The Layer-2 scaling solution has seen success in over 3.77 million transactions, 1.25 million on-chain crypto wallet addresses, and a once solid total value locked (TVL) of $1.44M.
However, the TVL slumped from $1.44 million to $742,847 today, as the developer activity on Shibarium dramatically dropped. MARSWAP is still dominating the DeFi field on Shibarium L2 mainnet, but the official gas fee token Bone ShibaSwap (BONE) is getting dragged through the mud by the crypto bears with a steep decline of 8% in the last 7 days.
Currently residing at #192, Shiba Inuโs $BONE is close to retesting the half-year bottom support last seen on June 13th. At press time, $BONE is priced at $0.708295, according to CoinGecko.
On The Flipside
- Some traders complained about the insignificant Shiba Inu burning numbers in comparison to rival memecoin PEPEโs recent massive burns.
- Frog-themed Pepe (PEPE) developers surprised the cryptosphere by sending 6.9T $PEPE, equaling $6M to the bottomless pit, causing an instantaneous 51% bull run.
Why This Matters
Cryptocurrency burning is a powerful way to maintain the cryptocurrencyโs long-term value.
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