On Aug. 31, the mysterious leader of the SHIB army, Shytoshi Kusama, published a tweet, urging the Shiba Inu community to vote and choose what is to be done with the ETH donated by Shiba Inu partner Welly’s fast food chain.
Vote on Use of Donated ETH
In this DAO voting, the SHIB army needs to vote for one of the options. The first one says that the 37.5 ETH in question is to be transferred to a multisig wallet that can be accessed by several high-ranking SHIB individuals, including Shytoshi Kusama himself and major SHIB developer Kaal Dhairya. The second option was to convert this ETH worth slightly less than $100,000 in fiat into SHIB coins and burn them. While there were several more options, the community voted only for the first two, with choice 1 having a substantially larger number of voters. Thus, the SHIB community seems to have rejected the Shiba Inu burn option.
SHIB Burn Rate on the Rise
While the SHIB army turned down the opportunity to burn roughly $100,000 worth of SHIB, it continues to transfer Shiba Inu meme coins to “inferno” wallets. According to the recently shared data by the Shibburn data tracking platform, over the last 24 hours, the daily SHIB burn rate has gone up by almost 25%. However, the amount of SHIB that was transferred and locked in unspendable blockchain addresses this time was marginal – slightly over 1.5 million meme coins worth $20.4 at the time of this writing. The largest burn transaction since yesterday morning carried 1,000,000 SHIB less than an hour ago. Still, things are much better with the weekly burn rate. Over the past seven days, the community has managed to dispose of 390,368,556 SHIB in total. This signifies a 241.66% increase in the weekly burn rate.
FUD Warning Issued by SHIB Team
Earlier today, Shiba Inu marketing lead Lucie published a tweet in which she warned those who are spreading FUD about SHIB and other Shibarium tokens. Lucie pointed out that many fudders are posting a mixture of heavy criticism, misinformation, and praise and stated that neither the SHIB team nor SHIB holders will buy that kind of stuff.
Thus, the SHIB community continues to be actively involved in the project, despite the surrounding issues, and is focusing on burning coins to reduce their circulation.
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