The Shiba Inu ecosystem continues to generate excitement with a series of developments ranging from testing an automatic SHIB coin burning mechanism to expanding BONE token exposure to a mysterious mega transfer. Although there are question marks in the minds, the general atmosphere reflects the increasing momentum and potential for the meme-coin. Here are the details…
SHIB coin burning mechanism is in testing phase
The Shiba Inu ecosystem team member known as RagnarShib made the statement. In particular, it provided an important update on the ongoing development of Shibarium’s automatic SHIB token burning mechanism. The team is developing the burn portal, a feature eagerly awaited by the SHIB community. We are making significant progress in testing this portal. The highly anticipated automatic SHIB burning mechanism in the Layer 2 scaling solution Shibarium has entered the testing phase on Puppynet. This important step adds potentially significantly to SHIB’s deflationary model. Thus, it paves the way for simplified and transparent token burning.
An exact mainnet launch date remains secret. However, expectations point to a release before the end of the year. The initial deployment phase in Puppynet is critical to improving the solution and ensuring efficiency. It is also very important to increase its reliability before ultimately moving to the mainnet. The Shibarium team manually burns SHIB tokens using a portion of Shibarium fees. They initiated five Shibarium-assisted cremations. They then burned more than 43 billion SHIB tokens worth $390,440. However, this manual process has challenges such as inefficient performance and lack of transparency.
Important listing for BONE
BONE, the ShibaSwap governance token and Shibarium gas token, attracted attention. Notably, it is gaining greater visibility by being listed on OKX Africa’s On-chain Earn program. This opens the doors for wider participation and encourages users to contribute to the growth of the network. It is critical that BONE was recently listed on EarnBIT. Additionally, the fact that it has exceeded 332 million total transactions on Shibarium further solidifies its value and utility.
The transfer of whales attracted attention
A surprise transfer of 23.9 billion SHIB, or approximately $250,000, from the BTSE exchange to an unknown wallet aroused curiosity. The buyer’s history of interaction with BTSE points to a potential internal maneuver, while significant ETH holdings point to a possible whale investor. This uncertainty fuels speculation about SHIB’s future price movements, forcing investors to weigh the potential risks and rewards in the token’s current accumulation phase.
While these important developments paint a promising picture, it is crucial to remember the inherent volatility of meme-coins. Investors should conduct thorough research and exercise caution before making any investment decisions. Additionally, the ever-present threat of scammers targeting the Shiba Inu community requires vigilance and awareness of suspicious activity.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.