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SHIB Devs Working on New Token Burn Mechanisms

News
Thu, 01/20/2022 - 14:17
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Yuri Molchan
Shiba Inu developers are busy creating new mechanisms to burn SHIB and will introduce them later on, according to Steven Cooper
SHIB Devs Working on New Token Burn Mechanisms
Cover image via stock.adobe.com

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More new mechanisms for burning Shiba Inu tokens are going to be introduced, according to the owner of one of the businesses that actively burns SHIB, as the developers of the meme crypto are working on them now.

Meanwhile, over the weekend, almost 110 million SHIB have been destroyed and the circulating supply continues to shrink.

"There will be burn mechanisms introduced"

Steven Cooper, owner of the Bigger Entertainment crypto record label that conducts regular SHIB burn parties, mentioned during a recent Twitter discussion that SHIB developers are working to build new mechanisms that would create more ways to incinerate SHIB—the second most popular canine cryptocurrency, also promoted as a "Dogecoin killer."

This tweet came in a thread, where Cooper encouraged the community to buy tickets to the next burn party on Feb. 14. The money will be used for buying Shiba Inu tokens, which will be burned on Valentine's Day.

Related
Shiba Inu Dev Teases Big Idea That Might Shake Crypto Space as SHIB Price Settles

Almost 110 million SHIB burned over weekend

Twitter's @shibburn account has reported that over the weekend, close to 110 million Shiba Inu coins were moved to a dead wallet from which they will be never spent or withdrawn.

Over the past 24 hours, a total of 18,340,447 SHIB have been destroyed, according to the recently build website that tracks SHIB burn transactions on etherscan.

On Jan. 19, U.Today covered that a whopping 2.5 billion SHIB tokens have been burned by the community since Dec. 1.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.