Shiba Inu community figure DaVinci emphasizes the importance of Shibarium activity on the upcoming auto SHIB burn portal.
Many Shiba Inu enthusiasts believe burning a massive chunk of SHIB’s supply is the fastest way to boost the token’s price. This has led the community to embark on a burn campaign to reduce SHIB’s enormous supply drastically.
Interestingly, Shiba Inu’s ecosystem team has also participated in the campaign via various initiatives, including incinerating SHIB using a portion of Shibarium gas fees.
Despite these efforts, Shiba Inu still has a hefty supply of over 589 trillion tokens. To intensify burns, the community has been urging the team to launch the highly anticipated Shibarium auto-burn portal.
They believe that the auto-burn portal would reduce SHIB supply and subsequently bolster its price action. Consequently, several Shiba Inu enthusiasts urged the team to sustain significant SHIB burns via Shibarium.
DaVinci Addresses Complaints About Burns
Responding, prominent Shiba Inu ecosystem team figure DaVinci noted that the team promised significant burns due to enthusiasm observed in the community before Shibarium’s launch.
However, Shibarium’s adoption has not matched the support the network received before its launch. Consequently, the developer questioned the whereabouts of these enthusiasts, who seemed to have disappeared after Shibarium went live.
Impact of Surging Shibarium Activities on Burns
Specifically, DaVinci emphasized the importance of boosting Shibarium activities to intensify burns. DaVinci said the team burned billions of SHIB tokens in March due to a surge in Shibarium activities.
In particular, Shiba Inu burned 13.4 billion SHIB in two transactions in March. Notably, the developer said community members would see more of these burns when they use Shibarium.
Furthermore, the developer stated that even the upcoming auto burn portal still requires Shibarium activity to incinerate SHIB.
It bears mentioning that the auto burn portal aims to automate Shibarium-powered burns. Instead of the team manually burning SHIB using a portion of Shibarium gas fees, the upcoming portal will automate the process by following predefined rules.
DaVinci urged Shiba Inu enthusiasts to promote Shibarium across different platforms instead of joining critics in spreading misinformation about SHIB. Prominent Shibarium Tech Telegram and Discord group moderator Special K shared DaVinci’s comment on X.
#UseShibarium $Bone ⛽️ Fee Token!!!
Yes, developers talked significant burns, as THOUSANDS of people were screaming WEN SHIBARIUM? So, before you ask where the fulfilled promises are, ask where all the people screaming wen Shibarium went.
Billions of Shib were burned in March… pic.twitter.com/8IkAmuoQPn— SpecialK (@SpecialShib) May 5, 2024
Shibarium Transaction Volume Slumps
Meanwhile, Shibarium activity has plunged heavily since April 15, when transaction volume spiked to nearly 1 million. Since then, the volume has been on a free fall, crashing below 4,000 on May 2, 2024. At press time, Shibarium’s daily transaction volume was around 4,840.
The current stats are low compared to the figure recorded in December when the daily count spiked to over 5 million. The slump in Shibarium’s activity can be attributed to several factors, including the recent downturn in the crypto market and investor apathy.
However, enthusiasts are confident about a positive reversal in Shibarium activity upon the commencement of the bull run. So far, Shibarium has processed 417.37 million transactions, interacted with 1.79 million wallets, and minted 4.57 million blocks.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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