Shiba Inu team member Lucie has offered an important clarification on SHIB supply reduction. The Shiba Inu team member was responding to an X user who asked that Shiba Inu developers take action regarding the SHIB supply.
According to Lucie, Shiba Inu developers cannot change the SHIB supply because Ryoshi burned the keys, meaning no one has control over it. Ryoshi is the pseudonymous creator of Shiba Inu who vanished from social media in May 2022 much like Bitcoin creator Satoshi Nakamoto.
Lucie highlighted what needs to be done to reduce SHIB supply: "To reduce the supply, SHIB needs to be bought and burned, and that takes money."
The devs can’t change the SHIB supply because Ryoshi burned the keys, meaning no one has control over it. To reduce the supply, SHIB needs to be bought and burned, and that takes money.Here’s the exciting part: to really reduce the supply in a big way, we need millions (even… https://t.co/Fysiu4fPCZ
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 14, 2024
Lucie highlights an exciting part of this whole strategy that would allow more SHIB to be burned: "To really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system that brings in tons of people, using shibarium every day. The more users we have, the more SHIB can be burned, making it more valuable over time."
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The strategy, according to Lucie, is all about growing the community and letting the system do its magic.
According to the latest hourly update provided by Shibburn X handle, a total of 3,632,401 SHIB tokens were burned in the last 24 hours, representing a burn rate decrease of 65.56%. Meanwhile, Shiba Inu's total supply as given is 589,271,230,359,528. Shiba Inu had a total supply of 1 quadrillion tokens at inception.
Shiba Inu netflows surge 1,387%
According to IntoTheBlock data, Shiba Inu has seen a large holder netflow spike of 1,387% in the last seven days.
Large Holders Netflow provides an idea of the change in the positions of whales. Spikes in Netflow might be interpreted as accumulation from large holders or whales, while declines indicate reduced positions or selling.
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The surge in large holder netflows might suggest that whales are taking advantage of SHIB's consolidation below the daily SMA 50 currently at $0.000014 to accumulate more tokens.
At the time of writing, SHIB was up 0.68% in the last 24 hours to $0.0000138.
