Understanding the Surprising 350% Surge in Shiba Inu (SHIB) Burn Rate within 24 Hours

Understanding the Surprising 350% Surge in Shiba Inu (SHIB) Burn Rate within 24 Hours


Shiba Inu Burn Rate Surges 350% in 24 Hours

The burn rate of SHIB tokens has experienced a significant increase of 350% in the past day, according to data from Shibburn. This burn portal tracks various burn-related metrics, including the total number of tokens burned, the current circulating supply, and the number of staked xSHIB tokens.

In the last 24 hours alone, nearly 150 million SHIB tokens have been burned, as reported by this analytics resource.

Source: Shibburn

Key Announcement from SHIB Developer

Kaal Dhairya, one of the Shiba Inu developers, shared an important update regarding BONE minting and renouncing in a recent blog post. The post provides a technical explanation of the steps required to mint the remaining BONE tokens and renounce ownership of the BONE contract.

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The post also outlines the role of a Timelock contract controlled by a multisig wallet and reveals the owners of this contract. While describing the 13 steps needed to renounce the BONE contract and use the Timelock contract, Dhairya emphasized that individual decisions should be made based on personal circumstances.

Hot Take: SHIB Burn Rate Surges Due to Developer Announcement

The burn rate of SHIB tokens has seen a remarkable increase of 350% in the past 24 hours. This surge can be attributed to an important announcement from one of the Shiba Inu developers, Kaal Dhairya. The developer shared details about BONE minting and renouncing in a blog post, providing technical explanations and outlining the steps involved.

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While the post aims to educate readers about the process, it emphasizes that final decisions should be made based on individual circumstances. The surge in burn rate highlights the continued interest and activity surrounding SHIB tokens.

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