Even though SHIB has staged a price climb over the last 24 hours, the Shibburn platform, which records burn transactions of the second-largest canine-themed cryptocurrency by market capitalization, Shiba Inu, has reported a substantial fall in the SHIB burn rate.
SHIB burn rate falls hard
As per the latest update on the Shibburn website, in the last 24 hours, the SHIB community has managed to burn only 1,255,916 SHIB. This has led to an incredible reduction in burn rate, down to -56.43%, when roughly 2,800,000 Shiba Inu meme coins were moved to unspendable blockchain wallets the day before.
Two transactions that transported 868,708 SHIB and 166,103 SHIB to dead-end wallets burnt almost the whole SHIB sum described before.
The SHIB burn rate increased to 4,240% on January 25 and 15,712,916 SHIB were burnt overall.
New automated SHIB burn mechanism being launched
The programming team is switching the Shibarium burn process from a manual to an automatic mode, and this week the Shiba Inu team announced the impending introduction of a new SHIB burn period. This is currently being done on the Layer-2 blockchain’s Puppynet testnet, but it will eventually be made available on the mainnet as well.
In addition, Puppynet is now being moved from Ethereum’s Goerli network to Sepolia, which is powered by the same blockchain, by the SHIB developers. Lucie, the marketing head for Shiba Inu, recently alerted the community about the possibility of many problems when using Shibarium and asked for patience.
In a few large burn transactions between November and January, the SHIB team led by principal developer Shytoshi Kusama destroyed about 40 billion SHIB meme coins. These money came from Shibarium transaction fees, which customers pay with BONE.
A portion of these fees will be utilised by the developers to maintain Shibarium’s functionality, and the remaining portion will be used to convert those BONE tokens into SHIB, hence lowering the number of Shiba Inu in circulation. The developers declared in November that they were prepared to destroy $1 million worth of BONE. Some community members even recommended burning some BONE, but Shytoshi Kusama insisted that only SHIB had to be destroyed.
