The Shiba Inu cryptocurrency community is racing with recent news from a Shiba Inu-themed social media account, @ShibBPP. They shared an update from @RagnarShiba, a Shibarium Tech Telegram group administrator.
The update suggests that the Shiba Inu developer team is preparing for an unprecedented burning of its meme coins this January. This move follows two consecutive months where over 36 billion SHIB were eliminated from circulation through Shibarium transaction fees.
The developer team is preparing to destroy 9.25 trillion Shiba Inu coins. This massive quantity is believed to originate from the $1 million BONE tokens the team disclosed in late November.
This amount translates to roughly 101.5 trillion SHIB coins. Of these, just over 36 billion have been sent to non-retrievable blockchain addresses in four separate transactions, each containing upwards of 8.5 billion SHIB.
Shytoshi Kusama, a figure in the Shiba Inu community, has previously dismissed any idea of burning BONE tokens. Thus, the entire $1 million worth of fees is anticipated to be converted to Shiba Inu coins and permanently removed from the market.
Furthermore, an early December blog post by the Shiba Inu team heralded the start of automated SHIB burns beginning in January. Until now, the developers have manually executed all burns, marking this as a shift in strategy.
Additionally, this new phase of SHIB burning coincides with the transition of Puppynet, the Shibarium testnet, from Ethereum’s Goerli network to Sepolia.
This step is seen as a sign of more robust and systematic burning processes, setting the stage for what could be a transformational period in the cryptocurrency’s history.
The Shiba Inu team’s approach suggests a confident outlook for the future of SHIB as they embark on this ambitious and potentially market-impacting venture