- 5th edition of the SHIB Magazine reveals a huge cumulative burn.
- Shibarium devs unfold a new dual on-chain burning mechanism.
- Shiba Inu whips up 5.8% gains following the record SHIB burn.
The Shiba Inu (SHIB) cryptocurrency burning tracker went through the roof after the Shibarium dev team announced burning 8.2 billion SHIB tokens. Totaling $76,500 at stamped transaction time, the move comes just a day after the Layer-2 scaling solution saw a tremendous spike in daily transactions.
The 7.84 million transfers on December 4, 2023, gathered many trading fees in Bone ShibaSwap (BONE). First announced in the latest edition of SHIB Magazine, the 50,000 accumulated bone was swapped into the main token to produce the colossal burn transaction.
A New Era of SHIB Token Burning
Indeed, the surge in burning transactions comes amid the SRC-20 token minting process. However, the Shiba Inu community patiently awaited a long-term solution to sustain the canine coin’s burning rate.
In the latest official blog post, Shibarium dev Kaal Dhairya introduced the upgraded Shiba Inu (SHIB) burning mechanism, which will go live in January 2024. The dual $SHIB burning system offers two modes – manual and automatic.
- In the manual mode, the deployer’s wallet controls Shiba Inu’s token-burning procedure. This phase is yet to be coordinated with on-chain validators and node operators.
- In the automatic mode, SHIB burns are carried out in “pre-defined rules,” making it fair and efficient for crypto enthusiasts, as trading fees are used towards SHIB burns.
Ultimately, the Shiba Inu burning mechanism is slated to be a fundamental component of Shibarium’s financial ecosystem. The burning strategy revelation coincides with Shibarium’s testnet ‘Puppynet’ moving to Sepolia Network, enabling on-chain builders to test their dApps in an advanced environment before deploying it on the mainnet.
On The Flipside
- Several prominent members of the SHIB Army argue on X that Shibburn doesn’t provide an exact calculation of Shiba Inu coins taken out of the circulating supply due to compatibility issues.
- Besides Shibburn and Shibarium Burn, another notable contributor is MARSWAP, a leading decentralized exchange (DEX) on Shibarium with a 2% auto burn on every transaction.
Why This Matters
Cryptocurrency-burning mechanisms increase the coin’s scarcity, which is favorable for long-term price.
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