Shiba Inu Team Says SHIB Burns Are On Schedule, Calls For Patience as Burns Delay

DaVinci assures members of the Shiba Inu community that the team will continue to initiate three manual SHIB burns with Shibarium as promised.

DaVinci, the Shiba Inu Discord channel administrator, commented on the growing frustration over the team’s delay in starting three manual Shibarium SHIB burns.

Recall that in response to the rise in transaction fees on Shibarium, the team behind the cryptocurrency used a portion of the fees generated from the use of the network to complete the first-ever SHIB write.

As previously reported, the team sent over 8.2 billion SHIB tokens to invalid wallets in a single transaction. Shortly after this exercise, the Shibarium team revealed that he plans to begin three manual SHIB burns on December 14, 15, and 16.

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However, the Shiba Inu team has not provided any much-anticipated updates on the SHIB burn, sparking frustration among SHIB holders. Reacting to this, several SHIB holders took to social media platforms to air their frustrations over the development.

SHIB Barnes “It still happens”

In response, da Vinci issued a statement, assuring SHIB holders that the team would launch three burns as promised.

Here are the updates for $SHIB burns from @Shibariumtech T.G. pic.twitter.com/7dU1gGsy9v

— Digarch.shib | Shibariomu live (@Digarch) December 15, 2023

He did not give an exact date for these burns to occur, but warned the community to stop spreading misinformation.

DaVinci said the team will provide an update once they confirm the main reason for the delay.

“Please respect the rules, be patient and avoid spreading unfounded negative opinions.” he added.

Possible reasons behind community dissatisfaction

Many Shiba Inu community members appear to be unhappy with the delay in the execution of the SHIB burn due to the token price falling significantly from its all-time high (ATH) of $0.00008616.

At the time of writing, SHIB was down 88.70% from its ATH. Several crypto assets are also trading well below their ATH, but members of the Shiba Inu community attribute the large decline in SHIB to the large supply of tokens.

More than 410.67 trillion units of SHIB have been incinerated so far, but the dog-themed cryptocurrency still has 589.31 trillion tokens in circulation.

Some community members believe that the burn will increase the price of the token by reducing its supply. Meanwhile, SHIB fell 2% in the past 24 hours and was trading at $0.00000977.