In a significant move that has caught the attention of cryptocurrency enthusiasts, the Shiba Inu (SHIB) development team is gearing up for a substantial burn of its meme coin. This move follows a series of smaller burns in recent months and comes ahead of a major upgrade to the network.
Shiba Inu team plans to record token burn
The Shiba Inu team, known for its proactive approach to managing the SHIB ecosystem, has incinerated over 36 billion SHIB tokens in the past two months. These burns were funded by the transaction fees generated within the Shibarium ecosystem. The upcoming burn, however, is set to eclipse these figures dramatically.
An estimated 9.25 trillion Shiba Inu tokens are on the line for destruction, derived from $1 million worth of BONE tokens reported by the team in November. This amount translates to approximately 101.5 trillion SHIB, of which a small portion has already been burned in four separate transactions.
The Shiba Inu team is also significantly shifting their burning strategy. Until now, the process has been manual, with the developers directly initiating each burn. Starting in January, this is set to change with the introduction of automated SHIB burns. This automation is expected to streamline the process and increase the frequency and volume of burns.
A recent blog post from the Shiba Inu team has shed light on the future of these burns, indicating a promising outlook. The move is part of a broader strategy to effectively manage the coin’s supply and value.
Implications of the Shibarium network upgrade
The Shiba Inu ecosystem is not just stopping at coin burns. The network is undergoing a major upgrade, with the Puppynet testnet transitioning from Ethereum’s Goerli network to Sepolia. This upgrade is part of the team’s commitment to improving the network’s performance and scalability.
The Shibarium network upgrade is poised to enhance user experience and bring new functionalities to the SHIB ecosystem. It represents a significant milestone in the project’s roadmap and is closely watched by investors and enthusiasts alike.
The cryptocurrency community is keenly observing as the Shiba Inu team embarks on these ambitious initiatives. The planned coin burn and network upgrade mark a new chapter in the development of the SHIB ecosystem. With these strategic moves, the team aims to bolster the coin’s value and utility, potentially impacting its position in the competitive world of cryptocurrencies.
