The Shibburn platform, which tracks burn transactions of the second largest canine-themed cryptocurrency by market capitalization, Shiba Inu, has recorded a massive decline in the SHIB burn rate despite the price increase staged by SHIB over the past 24 hours.
SHIB burn rate falls hard
According to the recent update on the Shibburn website, over the period of the last 24 hours, the SHIB community succeeded in burning only 1,255,916 SHIB, which resulted in an astounding burn rate plunge to -56.43% compared to the previous day when approximately 2,800,000 Shiba Inu meme coins were transferred to unspendable blockchain wallets.
Nearly all of the aforementioned SHIB sum was burned in just two transactions, which carried 868,708 SHIB and 166,103 SHIB to dead-end wallets.
On Jan. 25, the SHIB burn rate surged as high as 4,240% with a cumulative 15,712,916 SHIB burned.
New automated SHIB burn mechanism being launched
This week, the Shiba Inu team announced the upcoming launch of a new SHIB burn era as the developer team is transitioning the Shibarium burn mechanism from a manual mode to an automated one. So far this is being done on the Puppynet testnet of the Layer-2 blockchain, but later it will be launched on the mainnet as well.
Besides, currently, the SHIB developers are busy transitioning Puppynet from Ethereum’s network Goerli to Sepolia provided by the same blockchain. Recently, Shiba Inu’s marketing lead Lucie warned the community that they may face numerous issues when using Shibarium and urged them to be patient.
From November to January, the SHIB team spearheaded by the lead dev Shytoshi Kusama made a few massive burn transactions, destroying more than 40 billion SHIB meme coins. These funds were taken from transaction fees on Shibarium, which users pay in BONE.
Part of these fees is set aside to be used by the developers for keeping Shibarium operational and the other part is set aside for reducing the circulating supply of Shiba Inu — converting those BONE tokens into SHIB. In November, the developers announced they had $1 million worth of BONE ready to be burned. Some users from the community even suggested they burn a bit of BONE as well, but Shytoshi Kusama stated it is only SHIB that must be burned.
