Shiba Inu Burn Rate Skyrockets Over 350% As SHIB Developer Outlines Major BONE Update

Shiba Inu SHIB/USD burn rate has spiked over 350% in the last 24 hours. This surge came after Kaal Dhairya, a prominent SHIB developer, shared details of the team’s intentions to renounce the BONE BONE/USD contract.

What Happened: Data from Shibburn, a platform that tracks the burning of SHIB tokens, indicates that a staggering 142 million SHIB coins were burned and permanently removed from circulation following the release of the developer’s plan.

Dhairya on Friday published a detailed blog post outlining the steps that the team intends to take in renouncing the BONE contract. However, Dhairya emphasized that these steps would require careful consideration and time. Due to the limited retries available on mainnet, the team must avoid any mistakes.

In the post, Dhairya said, “Before taking any actual steps toward the contract renouncement, everything has to be tested thoroughly multiple times so there are no losses.” 

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Why It Matters: During the course of this week, market data from IntoTheBlock revealed an influx of large SHIB whales entering the market, with the inflow surpassing the outflow.

According to the report, the net flow of tokens held by these large holders has witnessed a staggering surge of 275% over the past week. The metric shows 145.7 billion SHIB tokens are currently held by large SHIB whales.

Price Action: At the time of writing, SHIB was trading at $0.00000743, up 0.56% in the last 24 hours, according to Benzinga Pro.

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Photo by Dennis Diatel on Shutterstock