According to CryptoPotato, the burn rate of Shiba Inu (SHIB) tokens has increased by 350% in the past 24 hours. Data from Shibburn, a burn portal that tracks important burn-related metrics, reveals that almost 150 million SHIB tokens were burnt during this time period. The burn rate refers to the process of purposefully destroying SHIB tokens and permanently removing them from circulation.
The reason for this significant increase in the burn rate is an important update from Shiba Inu developer Kaal Dhairya. In a blog post, Dhairya shared information about BONE minting and renouncing, providing a technical explanation of the necessary steps toward minting the remaining BONE and renouncing the ownership of the BONE contract. Currently, a Timelock contract serves to protect the system around which the BONE token is deployed, controlled by a multisig wallet. The post also outlines the 13 steps necessary to renounce the BONE contract and the process to use the Timelock contract itself.
