September 22, 2023

Latest findings have revealed that many SHIB holders, particularly the newbies, have no idea what it entails to ship their SHIB holdings to the official SHIB contract handle. 

The above sentiment got here to gentle after a Twitter person tweeted, inquiring about crypto customers who appear to switch their SHIB holdings to the Shibtoken contact handle. The tweet went thus, “Who and why is anybody “burning” SHIB to the Shibtoken contract handle?”

Notably, the above tweet was directed to the Shibburn Twitter account, a famend Shiba Inu burn tracker. Accordingly, Shibburn responded to the tweet by revealing salient info about sending SHIB to Shiba Inu’s official contract handle.

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What Occurs to SHIB Moved to Contract Deal with 

Per Shibburn, any token transferred to the official good contract could possibly be mentioned to be gone ceaselessly, with no hope for restoration. 

Explaining additional, Shibburn famous that it’s only conscious of 1 undertaking that assumed the function of sending Shiba Inu cash on to the official Shiba Inu contact handle a few yr in the past. 

Other than the undertaking above, Shibburn highlighted a number of situations that noticed SHIB tokens transferred to the contract handle. Particularly, the Shiba Inu burn fee tracker account highlighted the switch of 60 billion value of SHIB holdings to the good contract in early 2021. 

Shibburn tweeted, “I solely observed one group claiming to ship SHIB on to the contract handle a few yr in the past, however there have been a number of circumstances the place bigger transactions, like one in early 2021 the place 60 billion SHIB was despatched.”

In the meantime, Shibburn remarked that SHIB holdings in useless wallets or the contracts might be tracked and confirmed, reiterating that after transactions are despatched they turn into irrevocable. Different technique of completely shedding SHIB holdings could possibly be because of misplaced keys.

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A possible purpose for the irreversible token loss could possibly be as a result of decentralization related to the Shiba Inu undertaking. 

It’s value mentioning that after Shiba Inu’s launching in August 2020, the obscure founder Royshi reportedly locked up 50% of the whole provide in Uniswap, after which he removed the keys.

Discarding the keys implies that no withdrawal entry will likely be doable, whether or not liquidity or the collected ETH within the liquidity pool.

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