Shiba

Shiba Inu

<p>A member of the <a href="https://bitcoinist.com/shiba-inu-break-the-internet/">Shiba Inu (SHIB) team</a> has come out to provide an update to the community following a ‘failed promise’. This comes as the team has come under fire for failing to carry out certain transactions that could have been <a href="https://bitcoinist.com/shibarium-shiba-inu-price/#:~:text=Botched%20Shibarium%20Launch%20Sends%20Shiba%20Inu%20Price%20Spiraling%20Downward,-by%20Scott%20Matherson&amp;text=The%20launch%20of%20the%20Layer,undesirable%20impact%20on%20SHIB's%20price.">bullish for SHIB’s price</a>.</p> 
<h2 id="shiba-inu-team-addresses-burns-delay">Shiba Inu Team Addresses Burns Delay</h2> 
<p>In a <a href="https://x.com/Digarch/status/1735654624898466076?s=20" rel="nofollow" target="_blank">post</a> on his X (formerly Twitter) platform, Digarch shared an update on the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-8-billion-shib-burned/#:~:text=Over%208%20Billion%20Shiba%20Inu%20Burned%20In%20The%20Last%2024%20Hours&amp;text=As%20a%20result%20of%20this,transferred%20to%20a%20dead%20wallet." rel="nofollow noopener" target="_blank">SHIB burns</a> from the Shibarium development team. The post contained a screenshotted Telegram message<a href="https://bitcoinist.com/shiba-inu-first-shibarium-hard-fork/"> from DaVinci</a>, who highlighted the fact that the burn <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-team-shib-bone-burns/#:~:text=Shibarium%20Undergoes%20Swift%20Hard%20Fork&amp;text=Meanwhile%2C%20the%20main%20purpose%20of,Shibarium)%20being%20the%20main%20focus." rel="nofollow noopener" target="_blank">didn’t take place as scheduled</a>. He further mentioned that there was no exact timing for when these burns will now take place.&nbsp;</p> 
<p>Many in the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shib-burns/" rel="nofollow noopener" target="_blank">Shiba Inu community</a>, however, seemed displeased with the update. One X user <a href="https://x.com/Javier25147808/status/1735656277408108827?s=20" rel="nofollow" target="_blank">alluded</a> to the poor communication from the team. They stated that the team was meant to have informed the community about the delay as soon as they knew that the burn was no longer going to take place.&nbsp;</p> 
<p>In response, Digarch suggested that the <a href="https://bitcoinist.com/ledger-supply-chain-attack-over-480000-drained/">Legder breach</a>, which occurred on December 14, could have been the reason for the delay. He jumped to the defense of the development team as he stated that he was sure that the team was reviewing the implications of that breach as there is the possibility that it could have affected the burn executions.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/HFVenPW1/" alt="Shiba Inu price chart from Tradingview.com" width="3266" height="1530"></p> 
<h2 id="the-backstory">The Backstory</h2> 
<p>The Shibarium team had announced through <a href="https://news.shib.io/article/6578287ee55027000146e0ad" rel="nofollow noopener" target="_blank">an article</a> in the <a href="https://bitcoinist.com/shiba-inu-unveils-4th-edition-of-the-shib-magazine/">SHIB Magazine</a> that it was going to conduct multiple manual burns. It noted that one had already occurred, which led to <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-8-billion-shib-burned/#:~:text=Over%208%20Billion%20Shiba%20Inu%20Burned%20In%20The%20Last%2024%20Hours&amp;text=As%20a%20result%20of%20this,transferred%20to%20a%20dead%20wallet." rel="nofollow noopener" target="_blank">$70,000 worth of SHIB</a> being burned. The next were scheduled to happen on the 14th, 15th, and 16th of December. However, they haven’t taken place as planned.&nbsp;</p> 
<p>The development team had also <a href="https://blog.shib.io/shibarium-puppynet-upgrade-and-burning/" rel="nofollow noopener" target="_blank">announced</a> that the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shib-burns/" rel="nofollow noopener" target="_blank">burning mechanism</a> was going to undergo an update as part of the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-team-shib-bone-burns/#:~:text=Shibarium%20Undergoes%20Swift%20Hard%20Fork&amp;text=Meanwhile%2C%20the%20main%20purpose%20of,Shibarium)%20being%20the%20main%20focus." rel="nofollow noopener" target="_blank">hard fork that took place</a> on the network. The burning mechanism will first be manually managed as part of this upgrade before a switch to an automated system in January.&nbsp;</p> 
<p>That explains why the delay was able to occur in the first place, as the team is meant to carry out these burns with <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-team-shib-bone-burns/#:~:text=Shibarium%20Undergoes%20Swift%20Hard%20Fork&amp;text=Meanwhile%2C%20the%20main%20purpose%20of,Shibarium)%20being%20the%20main%20focus." rel="nofollow noopener" target="_blank">SHIB sent manually</a> from the <a href="https://etherscan.io/address/0xc7d0445ac2947760b3dd388b8586adf079972bf3" rel="nofollow noopener" target="_blank">Deployer wallet</a> to a dead one. At the time of writing, there hasn’t been any transaction to that effect based on data obtained from Etherscan.&nbsp;</p> 
<p>Meanwhile, the community probably feels slighted because they have in no small way contributed to the tokens that are to be burned. As part of its roadmap, Shibarium had committed to burning Shiba inu from transaction fees earned. This has spurred the community to consciously use the layer-2 network so the number of tokens burned <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-8-billion-shib-burned/#:~:text=Over%208%20Billion%20Shiba%20Inu%20Burned%20In%20The%20Last%2024%20Hours&amp;text=As%20a%20result%20of%20this,transferred%20to%20a%20dead%20wallet." rel="nofollow noopener" target="_blank">can grow exponentially</a>.</p>

Shiba Inu Team Member Addresses Questions Of When Massive $1.2 Million In SHIB Will Be Burned

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