In a surprising update, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, made a bold declaration about potentially slashing Shiba Inu’s (SHIB) circulating supply.
During a conversation with a critic, Kusama floated the idea of reducing the circulating supply to a mere 0.1% of its current amount, suggesting it’s a realistic goal.
Community Response And Recent Token Burns Shiba Inu’s ecosystem is experiencing a surge in activity, notably with the growing transactions in Shibarium. Amid this growth, a critic sarcastically proposed burning 99.9% of SHIB tokens, leveraging fees from Shibarium transactions.
The critic dismissed SHIB as ineffective, deeming such a drastic supply cut unrealistic. In contrast, Kusama responded confidently, saying, “Nothing is impossible except for you seeing how it’s possible. We push forward.”
This assertion reflects a strong belief in the plan’s feasibility. Currently, SHIB has around 580 trillion tokens in circulation. Reducing it by 99.9% would leave about 580 billion tokens, a significant number in the crypto market.
The Shiba Inu community has embraced Kusama’s statement positively, expressing patience and optimism about the potential massive token burn. Raul Valadez-Rayas, a U.S.-based enthusiast, expressed excitement at the prospect of trillions of SHIB tokens being burned, a sentiment echoed by many in the “SHIB ARMY.”
In alignment with this ambitious aim, the Shiba Inu development team recently executed substantial token burns. Over the last 24 hours, two separate transactions removed more than 17 billion SHIB tokens from circulation.
The first transaction eliminated 8.53 billion SHIB tokens, followed by another burn of 8.47 billion SHIB within a 23-hour period. These burns are part of a routine token incineration strategy based on Shibarium transaction fees.
Implications And Future Of Shiba Inu This aggressive token burning approach could hold significant implications for the Shiba Inu ecosystem. A considerable reduction in the circulating supply might enhance the remaining SHIB tokens’ rarity and value, eagerly anticipated by investors and supporters.
However, the actual impact of these supply burns on the token’s market performance remains speculative, contingent on various market factors and investor sentiments.
As the Shiba Inu ecosystem continues to evolve with increased transactions and community involvement, Kusama’s vision sets a bold path for the cryptocurrency. Whether achieving the ambitious 0.1% circulating supply target is feasible remains uncertain.
Nonetheless, the recent token burns demonstrate the development team’s strong commitment to this goal, fostering optimism and anticipation within the Shiba Inu community.
