DaVinci assures Shiba Inu community members that the team will still initiate the three manual Shibarium-powered SHIB burns as promised.
Shiba Inu’s Discord channel admin DaVinci has commented on the growing frustrations regarding the team’s delay in initiating three manual Shibarium-powered SHIB burns.
Recall that following a surge in Shibarium transaction fees, the team behind the cryptocurrency completed its first-ever SHIB burn using a part of the fee generated from the network’s use.
As reported earlier, the team sent over 8.2 billion SHIB tokens to a dead wallet in a single transaction. Shortly after this exercise, the Shibarium team disclosed plans to initiate three manual SHIB burns on December 14, 15, and 16.
However, Shiba Inu team has not provided any update about the highly-anticipated SHIB burns, thus stirring frustrations among SHIB holders. Reacting, several SHIB holders took to social media platforms to vent their frustration with the development.
SHIB Burns “Will Still Occur”
In response, DaVinci issued a statement assuring SHIB holders that the team will initiate the three burns as promised.
Here’s the update on the $SHIB burns from the @Shibariumtech TG pic.twitter.com/7dU1gGsy9v
— Digarch.shib | Shibarium is live (@Digarch) December 15, 2023
While he did not specify the exact date these burns will occur, he cautioned the community to stop spreading misinformation.
According to DaVinci, the team will provide an update once it ascertains the major reason behind the delay.
“Kindly respect the rules, stay patient, and avoid spreading baseless negativity,” he added.
Possible Reason Behind Community Frustration
Many Shiba Inu community members seem frustrated with the delay in executing SHIB burns due to the massive collapse of the token’s price from its all-time high (ATH) of $0.00008616.
At press time, SHIB was down 88.70% from its ATH. While several crypto assets are also trading far below their ATHs, Shiba Inu community members blame SHIB’s massive dip on the token’s hefty supply.
Although over 410.67 trillion units of SHIB have been incinerated so far, the canine-themed cryptocurrency still has a circulating supply of 589.31 trillion tokens.
Several community members believe that reducing the supply through burns will bolster the token’s price. In the meantime, SHIB was changing hands at $0.00000977, down 2% over the past 24 hours.
