Tuesday, June 18, 2024
HomeCryptocurrencyTake Note: SHIB Transferred To Shiba Inu Contract Address Is Irretrievable

Take Note: SHIB Transferred To Shiba Inu Contract Address Is Irretrievable

Recent findings have revealed that many SHIB holders, especially the newbies, do not know what it entails to send their SHIB holdings to the official SHIB contract address. 

The above sentiment came to light after a Twitter user tweeted, inquiring about crypto users who seem to transfer their SHIB holdings to the Shibtoken contact address. The tweet went thus, “Who and why is anyone “burning” SHIB to the Shibtoken contract address?”

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

Read Also: 2 Trillion SHIB Flowed Out of Exchanges in Past Week. Bullish or Bearish For Shiba Inu? Details

What Happens to SHIB Moved to Contract Address 

Per Shibburn, any token transferred to the official smart contract could be said to be gone forever, with no hope for recovery. 

Explaining further, Shibburn noted that it is only aware of one project that assumed the role of sending Shiba Inu coins directly to the official Shiba Inu contact address about a year ago. 

Aside from the project above, Shibburn highlighted a few instances that saw SHIB tokens transferred to the contract address. Specifically, the Shiba Inu burn rate tracker account highlighted the transfer of 60 billion worth of SHIB holdings to the smart contract in early 2021. 

Shibburn tweeted, “I only noticed one group claiming to send SHIB directly to the contract address about a year ago, but there were a few cases where larger transactions, like one in early 2021 where 60 billion SHIB was sent.”

Meanwhile, Shibburn remarked that SHIB holdings in dead wallets or the contracts can be tracked and confirmed, reiterating that once transactions are sent they become irrevocable. Other means of permanently losing SHIB holdings could be as a result of misplaced keys.

Read Also: Based On Historical Patterns, Analyst Says Shiba Inu (SHIB) Is Set For New ATHs. Here’s the Chart

A potential reason for the irreversible token loss could be due to the decentralization associated with the Shiba Inu project. 

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It is worth mentioning that after Shiba Inu’s launching in August 2020, the obscure founder Royshi reportedly locked up 50% of the total supply in Uniswap, after which he got rid of the keys.

Discarding the keys implies that no withdrawal access will be possible, whether liquidity or the accumulated ETH in the liquidity pool.


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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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