- Shiba Inu developers burned about 2.4 billion SHIB tokens after the Shibarium launch. However, there are concerns about the Shibarium launch.
- Many days after the launch of the layer 2 blockchain, it is still in private mode.
Many meme coins are of the opinion of transitioning into a full altcoin instead of being a joke. This often requires them to create their own blockchains and develop a use case. This is the same thing Shiba Inu is doing through their Shibarium launch and the burning of tokens. Recently, they burned a whopping 2.4 billion SHIB tokens. But is this a mistake?
2.4 Billion SHIB Tokens Burned
- According to the Shibburn crypto tracker, they tweeted on Twitter (now X) explaining some of the project’s progress after the Shibarium. One of them is the 2.4 Billion SHIB tokens burned by the developers.
- For starters, burning a cryptocurrency is the process of removing it from existence. That way, the value of the token increases due to more scarcity. Apparently, a total of 2,442,623,691 Shiba Inu meme coins participated in the burn. Therefore, these 2.4 Billion SHIB tokens will cease to exist. Note that all this happened within the past 7 days from the 19th of August.
- But on the 19th, the token had about 189,084,253 SHIB tokens removed from existence. Apparently, Shiba Inu developers usually move them to unspendable wallet addresses. Furthermore, this recent burn of 2.4 Billion SHIB tokens is 15.53% less than the tokens burned a week before.
- Is the recent token burn a mistake for Shiba Inu? For more context, many Shiba Inu believers didn’t believe their eyes and ears upon discovering that the Shibarium launch was a catastrophe. In fact, it is looking more like a fluke.
What Went Wrong With the Shibarium Launch?
- Despite burning 2.4 billion SHIB tokens, more details are trickling in about the Shibarium launch. Apparently, compared to other blockchains, there might be nothing to celebrate about the Shibarium.
- The lead developer of Shiba Inu, the pseudonymous Shytoshi Kusama, made a report on some of the challenges facing the Shibarium launch. And it is not looking good. It seems more like the project has amateurs planning it. According to him, the Shiba Inu team now focuses on basic “security measures” and “testing.”
- Apparently, these security measures were to happen before the Shibarium went live. But it didn’t — Leading to a massive cluster of technical difficulties. Furthermore, the haphazard launch process casts doubts on Shibarium’s capabilities.
- Before the launch, this project promised to guide other meme coins on transitioning to an altcoin. But the Shibarium is shaping up to be an embarrassing failure. It is quite evident that the development team still lacks the technical and leadership abilities for a proper blockchain launch. Even then, the Shibarium is still in private mode. Meanings, there’s no activity — a ghost blockchain.
Conclusion
Shiba Inu developers burned about 2.4 billion SHIB tokens. But many are not comfortable/satisfied with the project’s current situation. Apparently, the recent Shibarium launch is looking like a disaster. Many days after the launch, there are still substantial technical difficulties and security concerns.
