The SHIB Army Did Not Support Burning Shiba Inu with Ethereum
Members of the meme-based cryptocurrency Shiba Inu (SHIB), also known as the SHIB Army, did not support burning tokens using Ethereum (ETH).
At the end of August, Shiba Inu's lead developer Shytoshi Kusama announced that the SHIB decentralized autonomous organization (DAO) received 37.5 ETH worth $94,463 at the current exchange rate from a partner and proposed that digital asset holders participate in a vote on how these funds should be spent.
86% of voters supported the idea of transferring the Ethereum to a multisignature crypto wallet, from which the assets would later be spent as deemed necessary by the DAO members. The proposal to use the ETH to purchase Shiba Inu tokens for their subsequent burning received only 14% of the votes. The voting will end on September 4, so it's likely that supporters of the first option will prevail.
One of the SHIB Army representatives, who goes by the pseudonym Jolt, explained the skeptical attitude of most crypto community members toward the Shiba Inu burning initiative by noting that burning such a small number of tokens would not impact the assetâs price. In his opinion, these funds would be better spent on projects that would benefit the Shiba Inu ecosystem and contribute to the development of the Shibarium Ethereum layer-2 network.
