Shiba Inu Token Burning Mechanism Sees a 350% Increase in Burn Rate
The burning mechanics of Shiba Inu (SHIB), a popular project in the crypto space, have experienced significant changes recently, resulting in a surge in the burn rate. The burn rate refers to the intentional destruction of SHIB tokens in order to permanently remove them from circulation. To understand how this burning process works in detail, refer to our comprehensive guide here.
Data from Shibburn, a reputable source tracking SHIB token burns, reveals a staggering 350% increase in the burn rate over the past 24 hours. This burn portal monitors various burn-related metrics, including the total number of tokens burned from the initial supply, the current circulating supply, and the number of staked SHIB tokens known as xSHIB.
According to Shibburn, nearly 150 million SHIB tokens were burned within the last day alone, showcasing the significant impact of this recent surge in the burn rate.
Developer Announcement Fuels the Increase in Burn Rate
Kaal Dhairya, one of the developers behind Shiba Inu, released an important update regarding the minting and renouncement of BONE tokens in a recent blog post. The post delves into the technical intricacies of minting the remaining BONE tokens and renouncing ownership of the BONE contract.
Currently, a Timelock contract is in place to safeguard the BONE token system. This contract is controlled by a multisig wallet, and the blog post provides an overview of the owners involved. While the post outlines the 13 steps necessary for renouncing the BONE contract and utilizing the Timelock contract, Dhairya emphasized that the final decision ultimately lies with individuals, taking into account their specific circumstances:
Our primary responsibility and devotion is to Shib. While we aim to educate everyone on the importance of “Doing Your Own Research” (DYOR), the final decision rests with each individual, tailored to their specific circumstances.
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