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Shiba Inu team confirms manual Shibarium burns pre-upgrade

TL;DR

  • The Shiba Inu development team has announced a transition from manual to automated SHIB token burns, aiming to improve efficiency and transparency.
  • Lucie, the project’s content marketing specialist, confirmed this strategic shift in a recent tweet, indicating a move towards a more streamlined burn process.
  • In December alone, the team conducted four manual burns, including a significant burn of over 17 billion SHIB tokens on December 22.

The Shiba Inu (SHIB) development team has announced a significant change in their token burn strategy. According to Lucie, the project’s content marketing specialist, burning SHIB tokens, which has been manual until now, is set to become automated. This transition aims to enhance efficiency and transparency in the burn mechanism. Lucie’s announcement, made via a recent tweet, indicates a strategic shift from the current manual process to a more streamlined, automated approach.

The Shiba Inu team has conducted four manual burns this month. The most notable was on December 22, when over 17 billion SHIB tokens were burned in two separate transactions. These burns, leveraging the transaction fees generated from Shibarium, have effectively removed over 33 billion SHIB tokens from circulation.

Shiba Inu prioritizes stability in token burns

The Shiba Inu community has also been informed about the implications of these burns on Shibarium’s gas token, Bone (BONE). Quoting the Shiba Inu’s Telegram and Discord administrator Davinci, Lucie emphasized that the burns would be paced to avoid undue pressure on BONE. This careful approach aims to maintain stability within the Shibarium ecosystem.

This development comes from Shibarium’s first hard fork earlier this month. The upgrade is expected to improve the SHIB token burn model, transitioning it from a manual to an automated system. The Shiba Inu team has reassured the community that they will be kept informed about the progress and implementation of these updates.

Community reaction and future expectations

The Shiba Inu community, known as the SHIB Army, has warmly received this update. Many expressed their support and extended holiday wishes to the team. Additionally, there’s a growing expectation among community members for a portion of transaction fees to be allocated for burning BONE tokens. This suggestion, however, remains a topic of discussion within the community.

The automated SHIB token burns are anticipated to bring a new efficiency level to the process. By leveraging the advancements in Shibarium, the Shiba Inu team aims to foster a more robust and transparent mechanism for token burns. This is expected to benefit the SHIB token in terms of reducing its circulating supply and enhancing the overall utility and stability of the Shibarium network.

The Shiba Inu team’s move towards automating SHIB token burns marks a significant step in the project’s evolution. It demonstrates a commitment to innovation and efficiency, aligning with the broader goals of the cryptocurrency community. As these changes are implemented, the SHIB Army and investors will keenly watch the impact on the token’s value and the broader Shibarium ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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