Senior Dev for Shiba Inu Announces Important Update on the SHIB Burning Mechanism

Shytoshi Kusama, the well-known Senior developer and importantly the primary Shiba Inu spokesperson in the media, announced the arrival of significant events in the history of all ecosystem projects in a series of tweets today.

The creator specifically brought up the game “Shiba Eternity” and “burning” in the same statement, which could allude to SHIB burning via in-game mechanisms.

Kusama covered several topics during his speech to the community, and among them, Shiba Inu’s spokesman promised to provide information about Shibarium soon as well.

Also, the long-awaited and time-consuming update to the Layer 2 solution, which will allow the use of all the ecosystem’s tokens, is planned to release together with the next blockchain version.

“There will be burns from the game period. Upcoming details will explain why #ShibaEternity is powerful, challenging, and great for Shib, Shiboshi holders, and Shibarium once the blockchain version is released. The real question is where will you be on #downloadday ?” Tweet by Kasuma on 09/17/2022.

However, it is still too early to say if the SHIB burning mechanism will actually be implemented in the game “Shiba Eternity” because the developer’s speech was quite intimidating and could have hinted that people who doubt the project’s viability will be burnt.

Updates should, at any time, be made public soon. The spokesman of the Shiba Inu said, “Give us time, and you will see for yourself.”

Wanna know more about “Shiba Eternity”? Click here to read our newest article about this interesting game:

What is “Layer 2 Solutions”?

A layer 2 solution, such as Ethereum, is constructed on top of an existing layer 1 with the intention of enhancing layer 1’s functionality. By processing transactions off-chain, layer 2 offloads computing effort from layer 1 and boosts transaction speed and throughput.

A sideroad is a common metaphor used to explain layer 2 solutions. By offloading traffic from the main road (the layer 1 chain), the sideroad can increase the number of vehicles traveling at once (increase the number of transactions per second).

Fire in The SHIB!

SHIB burning is among the most critical concerns affecting the Shiba Inu community. Though the process is moving more slowly than investors would like, more than 40% of the total supply of 1 quadrillion SHIB has already been burnt.

Nearly 11 billion SHIB, or $128,000, have been burnt in the last three months, according to the Crypt Eye portal. The average weekly burn rate is around 1 billion SHIB at the current capacity.

SHIBA INU On a Weekly Decline

According to Coinbase, the price of SHIBA INU has fallen by 14.56% in the past 7 days. The price increased by 3.59% in the last 24 hours. In just the past hour, the price shrunk by 0.45%. The current price is $0.000011 per SHIB. SHIBA INU is 65.96% below the all-time high of $0.000032.

The current circulating supply is 549,063,278,876,301.94 SHIB.

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