A member of the Shiba Inu (SHIB) team has come out to provide an update to the community following a ‘failed promise’. This comes as the team has come under fire for failing to carry out certain transactions that could have been bullish for SHIB’s price.
Shiba Inu Team Addresses Burns Delay In a post on his X (formerly Twitter) platform, Digarch shared an update on the SHIB burns from the Shibarium development team. The post contained a screenshotted Telegram message from DaVinci, who highlighted the fact that the burn didn’t take place as scheduled. He further mentioned that there was no exact timing for when these burns will now take place.
Many in the Shiba Inu community, however, seemed displeased with the update. One X user alluded to the poor communication from the team. They stated that the team was meant to have informed the community about the delay as soon as they knew that the burn was no longer going to take place.
In response, Digarch suggested that the Legder breach, which occurred on December 14, could have been the reason for the delay. He jumped to the defense of the development team as he stated that he was sure that the team was reviewing the implications of that breach as there is the possibility that it could have affected the burn executions.
SHIB price at $0.0000101 | Source: SHIBUSD on Tradingview.com The Backstory The Shibarium team had announced through an article in the SHIB Magazine that it was going to conduct multiple manual burns. It noted that one had already occurred, which led to $70,000 worth of SHIB being burned. The next were scheduled to happen on the 14th, 15th, and 16th of December. However, they haven’t taken place as planned.
The development team had also announced that the burning mechanism was going to undergo an update as part of the hard fork that took place on the network. The burning mechanism will first be manually managed as part of this upgrade before a switch to an automated system in January.
That explains why the delay was able to occur in the first place, as the team is meant to carry out these burns with SHIB sent manually from the Deployer wallet to a dead one. At the time of writing, there hasn’t been any transaction to that effect based on data obtained from Etherscan.
Meanwhile, the community probably feels slighted because they have in no small way contributed to the tokens that are to be burned. As part of its roadmap, Shibarium had committed to burning Shiba inu from transaction fees earned. This has spurred the community to consciously use the layer-2 network so the number of tokens burned can grow exponentially.
Featured image from The News Crypto, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.