Cover image via U.Today
The official Shiba Inu marketing expert @LucieSHIB has taken bitcoin to the X/Twitter platform to spread the word about a transformative new mechanism for burning Shiba Inu tokens, currently being implemented on the Shibarium blockchain.
In the meantime, Shibarium continues to see a substantial increase in transaction activity, and the SHIB price has demonstrated an impressive rise overnight.
#Shibarium’s Burn Mechanism: A New EraShibarium is introducing a transformative token burning mechanism… More on https://t.co/hIa2ZSAxtP— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) January 23, 2024
“New era in SHIB burns” coming
Lucie announced a new era in SHIB burns, referring to an article in the fresh edition of the SHIB Magazine that was released this week. The article says that Shibarium is about to implement a transformative mechanism for burning Shiba Inu meme coins – transferring them to unspendable blockchain wallets with the goal of reducing the current circulating supply of this popular canine-themed asset.
The article elaborates that the aforementioned mechanism is “designed to reduce token supply strategically” in order to potentially increase SHIB’s value and benefit in the Shibarium ecosystem.
“Numerous upgrades” during burn mechanism tests
The testing of this revolutionary burn mechanism is to begin on the Shibarium testnet called Puppynet and will be transitioned into an automated mode rather than a manual one, as it was before.
While the new mechanism is being tested, the SHIB team will be adding numerous upgrades that will “enhance efficiency and reliability.” Only after that, will it be launched on the Shibarium mainnet, the article emphasizes. “The automated burn process will operate based on predefined rules, making it more efficient and transparent.”
Initially, this transition was announced at the start of December in a Shiba Inu blog post.
Meanwhile, the Shibarium layer-2 solution continues to see major increases in its on-chain activity. Over the past 24 hours, the total transaction count has surged by more than six million, now standing at 306,140,448 after breaking through the 300,000,000 historic milestone on Tuesday.
The number of connected wallet addresses continues to grow but at a much smaller pace. By now it has reached 1,344,018.
The daily number of transactions remains in decline. At the time of this writing, this metric shows 2.07 million daily transfers as of Tuesday. This is a more than 3x decline from the 7.52 million high observed on Dec. 29.