- SHIB Token devs are deploying an auto-burn apparatus on Shibarium.
- So far, the manual burns have eradicated 43B SHIB from circulation.
- Shiba Inu inks 2.9% gains as developers confirm the launch date.
Shiba Inu’s journey into 2024 began with significant changes in SHIB’s Ecosystem. Notably, Shibarium developers announced a fresh plan to accelerate SHIB burns. Introduced in December 2023, the bifold SHIB burning mechanism was introduced with a hefty number of manual burns gathered from accumulated BONE fees on-chain.
As December’s 2023 trading activity on Shibarium reached new heights, Shibarium’s developer team conducted three massive burns, totaling 25B SHIB tokens set ablaze. Starting the year strongly with a 9.35B SHIB incineration on January 10, 2024, Shibarium developers also affirmed that automatic burns are going live this month.
Collectively, the Shiba Inu community burned 76.4 billion SHIB coins over 2023, but the collective efforts still resulted in an 8.33% drop compared to the same metric in 2022. On that note, many SHIB Army members on Twitter asked the developers to work out a way to increase the burns to billions per day, and an automated on-chain burning solution was promised.
Last Steps Before Shibarium Gets Automated Burns
For the automated process to see the light of day, Shibarium developers are testing the new SHIB burning mechanism on the ‘Puppynet’ testnet, which recently switched from Goerli to Sepolia. Such upgrades are indispensable for maximum efficiency before seamlessly transitioning into the Shibarium Layer-2 mainnet.
According to the 11th edition of SHIB Magazine, Shibarium’s auto-burning mechanism will heavily depend on the activity on the main net but will also have “a set of predefined rules,” making it easier to operate. Following the news, SHIB added 2.9% to its value and now changes hands at $0.00000888, according to CoinGecko.
On the Flipside
- Some decentralized exchanges on Shibarium L2 have already implemented SHIB auto burns independently.
- For instance, the leading MARSWAP DEX implemented a 2% threshold on every transaction on the dApp.
Why This Matters
An automatic cryptocurrency burning system aims to strategically decrease the Shiba Inu circulating supply, which could potentially increase the scarcity and market value of SHIB.
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