Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A Shiba Inu-themed account @ShibBPP shared a screenshot of a social media post made by @RagnarShiba, the admin of the Telegram group “Shibarium Tech.” According to it, the SHIB developer team may be prepared to burn several trillion Shiba Inu meme coins in January.
In December and November, the SHIB team incinerated slightly more than 36 billion SHIB, taking them from Shibarium transaction fees. Besides, there is a new major upgrade coming this month, and this is the likely reason for the aforementioned enormous SHIB lump the team may burn.
Trillions of SHIB may be destroyed in January; burn upgrade coming
The 9.25 trillion Shiba Inu that can potentially be destroyed are likely to come from the $1 million worth of BONE that the team reported in late November. That U.S. dollar equivalent is worth 101,522,842,639 SHIB meme coins.
Slightly more than 36 billion out of those 101.5 trillion have been transferred to unspendable blockchain addresses so far in four transactions, each carrying more than 8.5 billion SHIB.
Shytoshi Kusama then rejected any ideas about burning not only Shiba Inu but also BONE tokens, therefore the entire $1 million worth of fees will be eventually changed into Shiba Inu and shoveled out of circulation.
Besides, in the beginning of December, a blog article issued by the Shiba Inu team announced the upcoming era of automated SHIB burns, starting in January. So far, all the SHIB destruction has been made by the developers manually. This seems to be a major reason for the massive number of Shiba Inu coins that is expected to be burned — almost 10 trillion. The article stated that the future of SHIB burns looks promising.
Aside from the change in the “SHIB burn eras,” the article also teased the upcoming transition of Puppynet (Shibarium testnet) from Ethereum’s Goerli network to Sepolia.
SHIB burns drop
As per data provided by the Shibburn platform, within the last 24 hours, the SHIB army got rid of 2,469,589 SHIB, sending them forever to unspendable wallets.
Still, the burn rate is 41.25% down compared to the same metric skyrocketing by 2,274% on Friday. On that day, roughly twice as much SHIB got incinerated — 5,203,527 meme coins.