Enormous SHIB Burns Coming, but There's Catch: SHIB Team Member

U.Today - Shiba Inu Discord channel admin known under the pseudonym DaVinci took to the “Shibarium Tech” channel on Telegram to make a major announcement to the .

He explained what is happening with the 25,000,000,000 SHIB on Shibarium that the SHIB army expected to get burned earlier this week.

“Burns can happen at any time,” but here’s nuance

According to his statement, the SHIB team is working hard on organizing SHIB burns, and they can happen any time now. He recommended the community to “take it easy” since “everything has to happen in the right way.”

The Shiba Inu developer team is now getting the automated system for burning SHIB operating. Starting any public countdowns on Telegram or on any other social media platforms is pointless, DaVinci said, since the team will do the burning manually, therefore “there are more aspects to consider,” the SHIB administrator added.

This week, the Layer-2 blockchain Shibarium demonstrated a staggering surge in the transaction count as it broke out above several highs: 80 million, then 90 million and, finally, it surpassed 100 million of total transactions made on it.

Here’s how Shibarium-fueled burns work

SHIB burns on Shibarium are fueled by transactions. The more transfers are made by users, developers and others, the more gas fees they pay in BONE tokens. The Shiba Inu team divides these fees in two parts and sets one of them aside. Once this amount of BONE surpasses a certain level, they convert the BONE into Shiba Inu and burn these meme coins.

Earlier this month, the SHIB team transferred a whopping 8,000,000,000 SHIB to a dead-end blockchain address. As for the recent SHIB burns, over the last 24 hours, merely .

Recently, the lead developer Shytoshi to the SHIB community, thus raising high expectations from them, including a sustainable SHIB price surge.

This article was originally published on U.Today