• 24 June, 2024
Market News

Shiba Inu Community Burns Over 8.9 Million Tokens in 24 Hours to Boost Value

Within a 24-hour period, the Shiba Inu community has made considerable progress with their strategy to increase the value of cryptocurrency by burning 8,933,042 SHIB tokens through six transactions. This action is a part of the larger cause that burned nearly 235.004,31 SHIB tokens over the last week.

This effort is part of the community’s strategy to reduce the circulating supply, resulting in a 14.66% increase in burn rate from the previous week. Despite this, there was a sharp 87.96% drop in the 24-hour burn rate to 13,933,042 SHIB. Throughout January, the SHIB community has impressively burned close to 10 billion tokens, marking a deliberate push to enhance the token’s scarcity and value.

Amidst these efforts, a misunderstanding arose within the global Shiba Inu army regarding the new Shibarium burn mechanism. The confusion stemmed from a recent publication in the Shiba Magazine, prompting RagnarShiba, admin of the “Shibarium Tech” channel on Telegram, to clarify the situation. Ragnar pointed out that the innovative burn mechanism started its testing phase in January on Puppynet, Shibarium’s testnet, with plans for mainnet implementation following successful trials.

The clarified details reveal that the Shibarium burn mechanism is designed to evolve into an automated system to reduce SHIB’s circulating supply to increase its value for the ecosystem. The mechanism, which began testing in January, operates on predefined rules to ensure efficiency and transparency in token burns. This move is part of a broader initiative to enhance the Shiba Inu token’s economic model and benefit its community.

Furthermore, the Shiba Inu developer team has migrated Shibarium from Ethereum’s Goerli test network to Sepolia, signifying a significant step towards utilizing a more robust platform for testing and eventual deployment. This transition underlines the team’s focus on developing a scalable and efficient burn mechanism as part of Shibarium’s broader ecosystem.

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