In a recent development within the cryptocurrency community, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, has made a bold statement regarding the potential reduction of Shiba Inu’s (SHIB) circulating supply. Amidst a conversation with a critic of the digital currency, Kusama suggested that reducing the circulating supply to just 0.1% of its current amount is a feasible goal.
Community response and recent token burns
The Shiba Inu ecosystem is witnessing a significant uptick in its activities, particularly with the increasing transactions in Shibarium. This growth in activity led to a critic’s sarcastic suggestion for Kusama to burn 99.9% of SHIB tokens, leveraging the fees from Shibarium transactions. The critic labeled the Shiba Inu token ineffective, asserting that such a drastic supply reduction is unrealistic.
Contrary to this skepticism, Kusama confidently responded, “Nothing is impossible except for you seeing how it’s possible. We push forward.” This remark underscores a strong belief in the feasibility of the plan. Presently, SHIB has a circulating supply of approximately 580 trillion tokens. Achieving a 99.9% burn would leave about 580 billion tokens, a substantial figure in the cryptocurrency market.
The Shiba Inu community has reacted positively to Kusama’s statement, with many supporters expressing patience and optimism about the possibility of such a massive token burn. Raul Valadez-Rayas, a U.S.-based enthusiast, commented on the exciting prospect of witnessing the burn of trillions of SHIB tokens, a sentiment shared by many in the “SHIB ARMY.”
Further reinforcing this ambitious goal, the Shiba Inu development team has recently executed significant token burns. In the last 24 hours, more than 17 billion SHIB tokens have been removed from circulation through two separate transactions. The first transaction eliminated 8.53 billion SHIB tokens, followed by another burn of 8.47 billion SHIB within a 23-hour. These burns are part of the routine token incineration strategy based on Shibarium transaction fees.
Implications and future of Shiba Inu
This aggressive token burn approach could have far-reaching implications for the Shiba Inu ecosystem. A dramatic reduction in the circulating supply could increase the rarity and value of the remaining SHIB tokens, an outcome eagerly anticipated by investors and supporters. However, the actual impact of such supply burns on the token’s market performance remains speculative, as it depends on various market factors and investor sentiments.
As the Shiba Inu ecosystem continues to evolve, with increasing transactions and community engagement, the vision set forth by Kusama represents a bold step in the cryptocurrency’s journey. Whether this ambitious target of reducing the circulating supply to 0.1% is achievable remains to be seen. However, the recent token burns signify a strong commitment from the development team towards this goal, fostering a sense of optimism and anticipation within the Shiba Inu community.
