Shiba Inu Team Provides Update on Burns Delay
A member of the Shiba Inu (SHIB) team has addressed the community regarding a delay in the scheduled burns. The team has faced criticism for not carrying out these transactions, which could have had a positive impact on SHIB’s price.
Update from Digarch on SHIB Burns
Digarch, a member of the Shiba Inu team, shared an update on the SHIB burns through his X platform. He posted a Telegram message from DaVinci, revealing that the burn did not take place as planned. No specific timing was provided for when the burns will now happen.
Community Displeasure with Lack of Communication
Many members of the Shiba Inu community expressed their dissatisfaction with the update. They believed that the team should have informed them about the delay as soon as they were aware it wouldn’t occur.
Possible Reason for Delay
In response to the criticism, Digarch suggested that the delay may be due to the Ledger breach that happened on December 14. He defended the development team and stated that they were likely reviewing how this breach could have affected the burn executions.
The Backstory: Planned Burns and Upgrade
The Shibarium team had announced multiple manual burns, with one already completed, burning $70,000 worth of SHIB. However, subsequent burns scheduled for December 14-16 did not take place. The burning mechanism was also set to undergo an update during a hard fork on the network.
Explanation for Delay and Community Contributions
The delay occurred because SHIB was meant to be manually sent from the Deployer wallet to a dead wallet for burning. However, there have been no transactions of this kind recorded. The community has actively contributed to the tokens to be burned by using the layer-2 network and earning transaction fees.
Hot Take: Community Frustration and Future Expectations
The Shiba Inu community’s frustration with the delay in the scheduled burns is understandable. Clear communication from the team is vital to maintain trust and transparency. Moving forward, it is important for the team to provide regular updates on the progress of the burns and address any issues that may arise. The community’s contributions play a significant role in the success of these burns, and their continued support will help SHIB grow exponentially.
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