In a recent tweet, the administrator of the “Shibarium Tech” Telegram channel, @RagnarShiba, has clarified misconceptions within certain segments of the global Shiba Inu community regarding the novel Shibarium burn mechanism and the “New Era” in SHIB burns.
According to Ragnar, some SHIB army members may have gotten the wrong idea from something written in a recent issue of Shiba Magazine.
Shibarium Admin Unveils New SHIB Burn Mechanism
In response, the Shibarium admin referred to the relevant piece, which said that the new SHIB burn mechanism was tested in January on Puppynet, the Shibarium testnet. Ragnar clarified that implementation on the mainnet will come after this testing process.
Some clarification about the Shibarium Burn Mechanism. Many think it was going to be ready in January. Maybe there was a misunderstanding. It was explained at @TheShibmagazine .
In January the system began to be tested in our PuppyNet and it will be deployed in Mainnet once…— RagnarShib.eth (@RagnarShiba) February 3, 2024
Ragnar tweeted a part of the story and asked the SHIB army to reread it. The article indicates that the new way of burning tokens is transformative. It aims to significantly decrease the number of SHIB tokens in circulation to raise their value and help the ecosystem that supports them.
The article notes that in January, the burn mechanism on Puppynet will change to an automated system. Automated SHIB burns will follow set rules, making the process more efficient and clear.
At the same time, the Shiba Inu development team moved Shibarium from Ethereum’s Goerli network to Sepolia, the second-largest blockchain platform.
The Shibburn tracking platform informed about the weekly burns of Shiba Inu. In the past week, 230,000,431 SHIB meme coins were transferred to blockchain wallets that can’t be spent. This took them out of circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00000909 (1hr -0.38% ▼ | 24hr 0.32% ▲ )
Market Cap: $5,355,496,662 (0.20% ▲)
Total Supply: 589,291,739,506,789TOKENS BURNT
Past 24Hrs: 8,933,042 (-92.28% ▼)
Past 7 Days: 230,000,431 (12.18% ▲)— Shibburn (@shibburn) February 3, 2024
Even though the burn rate was slightly higher than the week before (12.18%), the SHIB group could burn almost 10 billion SHIB meme coins over January.
The SHIB army disposed of 13,933,042 SHIB in the last 24 hours, which lowered the burn rate by 87.96%. Shibburn also talked about how important it was to burn almost 10 billion SHIB meme coins in January.
