As Shiba Inu’s (SHIB) Layer 2 network Shibarium keeps growing and breaking new records, Shiba Inu enthusiasts continue to move millions of SHIB tokens to wallet addresses where they cannot be withdrawn, thus reducing the circulating supply of SHIB. The Shiba Inu community was excited when Kaal Dhairya, one of the project’s leading developers, shared details of the team’s update plans for the Bone ShibaSwap (BONE) contract.
Shibburn, the platform that shares data on hourly SHIB burns, reported a significant amount of SHIB being transferred to unused wallet addresses in the past 24 hours. With the initiative of the Shiba Inu community, a total of over 111 million SHIB tokens were burned and removed from circulation, increasing the burn rate by 251.30%. The largest burns were 34.46 million and 10.84 million SHIB.
Thus, the highest burn rate on SHIB for the weekly time period was achieved. According to the data previously shared by Shibburn, the burn rate only increased by 62% and 12% in the last two days.
Kaal Dhairya, a prominent Shiba Inu developer, published a blog post explaining the steps the SHIB team plans to take to abandon the BONE contract. Dhairya stated that these steps will take time as the team does not have many retests on the mainnet and therefore there is no room for error. He also added that everything needs to be thoroughly tested multiple times before taking any real steps to abandon the contract, ensuring no loss is experienced.
Among the steps mentioned by the developer are adding a delayed Timelock contract for security, minting a fake token called Calcium with no real value (anyone claiming otherwise and offering to buy it will be considered a scammer), minting BONE, and making adjustments.
Although BONE has been listed on several new cryptocurrency exchanges such as GroveX and Reku, the price did not react positively to these listings. Lucie, a member of the SHIB team, stated that as Shibarium progresses, the prices of SHIB and BONE will recover.