Burning Momentum: SHIB Updates

Martin Walker
Sep 16, 2023 at 12:38 pm

Shiba Inu stands out for its unique burning mechanism, a deliberate approach to eliminate SHIB tokens and take them out of circulation permanently.

The process of burning SHIB has witnessed alterations recently, and you can delve into the intricate workings by exploring our latest comprehensive guide.

Nevertheless, let's delve into the burn acceleration experienced within the last 24 hours.

SHIB Burn Rate Surges by a Remarkable 350% in One Day

Data sourced from Shibburn showcases an astonishing 350% surge in the burn rate of SHIB tokens over the past 24 hours.

Shibburn, functioning as the designated burn portal, meticulously monitors crucial metrics related to burning. These encompass the overall tokens burnt from the initial supply, the present circulating supply, and the quantity of xSHIB tokens—these being the staked SHIB tokens.

According to this analytical resource, a staggering approximately 150 million SHIB tokens were incinerated within the last day.

Source: ShibburnSource: Shibburn  

Crucial Update from SHIB Developer

Kaal Dhairya, one of the developers associated with Shiba Inu, recently shared a significant update regarding BONE minting and relinquishment in a blog post released earlier today.

The blog post delves into the technical intricacies, outlining the necessary procedures for minting the remaining BONE and surrendering ownership of the BONE contract.

Currently, a Timelock contract functions to safeguard the system in which the BONE token operates. This contract is under the governance of a multisig wallet. The post also elucidates the identities of the owners.

To avoid delving too deep into technicalities, the blog post delineates the 13 essential steps needed to renounce the BONE contract while also shedding light on how to utilize the Timelock contract. Dhairya, in conclusion, stated:

Our utmost commitment and dedication lie with Shib. While we aspire to educate everyone on the significance of "Doing Your Own Research" (DYOR), the ultimate decision lies with each individual, customized to their specific circumstances.

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