DaVinci, a prominent figure in the Shiba Inu community, is emphasizing the significance of Shibarium activity in the upcoming auto SHIB burn portal.
Many Shiba Inu enthusiasts believe that burning a large portion of SHIB’s supply is the quickest way to increase the token’s price. As a result, the community has launched a burn campaign to significantly reduce SHIB’s supply.
Interestingly, the Shiba Inu ecosystem team has also joined the campaign by burning SHIB through a portion of Shibarium gas fees.
Despite these efforts, Shiba Inu still has a substantial supply of over 589 trillion tokens. To further increase the burns, the community has been urging the team to release the highly anticipated Shibarium auto-burn portal.
They believe that this auto-burn portal would reduce the supply of SHIB and consequently boost its price. As a result, several Shiba Inu enthusiasts have been urging the team to continue significant SHIB burns through Shibarium.
DaVinci Addresses Concerns About Burns
In response, DaVinci, a prominent figure in the Shiba Inu ecosystem team, acknowledged that the team had promised significant burns due to the enthusiasm shown by the community before Shibarium’s launch.
However, the adoption of Shibarium has not met the level of support the network received prior to its launch. Therefore, DaVinci questioned the whereabouts of these enthusiasts who seemed to have disappeared after Shibarium went live.
Impact of Increasing Shibarium Activities on Burns
DaVinci specifically highlighted the importance of increasing Shibarium activities to intensify the burns. The developer mentioned that billions of SHIB tokens were burned in March due to a surge in Shibarium activities.
In particular, Shiba Inu burned 13.4 billion SHIB in two transactions in March. The developer stated that community members would witness more of these burns when they use Shibarium.
Furthermore, the developer mentioned that even the upcoming auto burn portal would require Shibarium activity to burn SHIB.
It is worth mentioning that the auto burn portal aims to automate Shibarium-powered burns. Instead of manually burning SHIB using a portion of Shibarium gas fees, the upcoming portal will automate the process based on predefined rules.
DaVinci encouraged Shiba Inu enthusiasts to promote Shibarium on various platforms instead of joining critics in spreading misinformation about SHIB. Special K, a prominent moderator in the Shibarium Tech Telegram and Discord group, shared DaVinci’s comment.
Decline in Shibarium Transaction Volume
Meanwhile, Shibarium activity has plummeted since April 15, when the transaction volume reached nearly 1 million. Since then, the volume has been steadily decreasing and dropped below 4,000 on May 2, 2024. Currently, Shibarium’s daily transaction volume is around 4,840.
These current statistics are significantly lower compared to the figures recorded in December, when the daily count exceeded 5 million. The decline in Shibarium’s activity can be attributed to various factors, including the recent downturn in the crypto market and investor disinterest.
However, enthusiasts remain optimistic about a positive turnaround in Shibarium activity once the bull run begins. So far, Shibarium has processed 417.37 million transactions, interacted with 1.79 million wallets, and minted 4.57 million blocks.
Disclaimer: This article provides informational content 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 opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.