Bitcoin

Here’s Why Shiba Inu (SHIB) Burn Rate Exploded 350% in a Day

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Shiba Inu is one of the projects known for its burning mechanics – a method used to purposefully destroy SHIB tokens and permanently remove them from circulation.

SHIB’s burning process has gone through some changes, and you can find more about how it works in our recent detailed explainer here.

That said, the burn rate has skyrocketed over the past 24 hours, so let’s have a closer look.

SHIB Burn Rate Skyrockets 350% in a Day

Data from Shibburn reveals that the burn rate of SHIB tokens in the past 24 hours has increased by a whopping 350 percent.

Shibburn is the burn portal, which tracks important burn-related metrics, including the total burnt from the initial supply, the current circulating supply, as well as the number of xSHIB tokens – these are the staked SHIB tokens.

Per this analytics resource, almost 150 million SHIB tokens were burnt in the past 24 hours alone.

Screenshot 2023-09-16 at 13.30.51
Source: Shibburn

But what is the reason for this considerable increase in the burn rate?

Important Announcement from SHIB Developer

One of the Shiba Inu developers – Kaal Dhairya, shared an important update about BONE minting and renouncing in a blog post from earlier today.

The post seems to provide a technical explanation of the necessary steps toward minting the remaining BONE and renouncing the ownership of the BONE contract.

At the current time, a Timelock contract serves to protect the system around which the BONE token is deployed. This contract is controlled by a multisig wallet, and the post also outlines who the owners are.

Without getting too technical, the post describes the 13 steps necessary to renounce the BONE contract while also revealing what the process is to use the Timelock contract itself. That said, Dhairya concluded:

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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