In a recently published tweet, the administrator of the “Shibarium Tech” channel on Telegram @RagnarShiba clarified the misunderstanding that arose among some parts of the global Shiba Inu army regarding the new Shibarium burning mechanism and the “New Era” in Shibarium burning. SHIB.
In a recently published tweet, the administrator of the “Shibarium Tech” channel on Telegram @RagnarShiba clarified the misunderstanding that arose among some parts of the global Shiba Inu army regarding the new Shibarium burning mechanism and the “New Era” in Shibarium burning. SHIB.
Ragnar believes that some members of the SHIB army apparently misinterpreted the article about this published in the recent issue of Shiba magazine.
Clarification on the burning mechanism of Shibarium
When addressing this topic, the Shibarium administrator cited the Shiba Magazine article. He said the new SHIB burn mechanism began testing in January on Puppynet (the Shibarium test network). Only after that will it be implemented on the mainnet, Ragnar emphasized.
He shared an excerpt from that article so the SHIB army could see it once again in the tweet. The excerpt clearly states: “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.” This is a transformative token burning mechanism, the article explains, and its goal is to drastically reduce the circulating supply of SHIB tokens with the goal of increasing the value of SHIB and benefiting its ecosystem. In January, the recording mechanism will “evolve into an automated system” on Puppynet.
SHIB’s automated burns will “operate according to predefined rules” and make the entire process “more efficient and transparent.” Along with testing the new recording mechanism, the Shiba Inu developer team has transferred Shibarium (its testnet so far) from Ethereum’s Goerli network to the second-largest blockchain platform based on it, Sepolia.
Hundreds of millions of SHIB burned last week
Monitoring platform Shibburn has shared an update on the weekly burns carried out by the Shiba Inu community. In the last seven days, the amount of Shiba Inu meme coins transferred to non-fungible and out-of-circulation blockchain wallets definitely amounted to 230,000,431 SHIB. However, the increase in the burning rate was minimal compared to the previous week: 12.18%.
In the last 24 hours, the SHIB army burned 13,933,042 SHIBs, and the burning rate plummeted by 87.96%. Shibburn also reported that during the last month of January, the SHIB community managed to burn close to 10 billion SHIB meme coins.