Members of Shiba Inu reveal the best way to burn SHIB and reduce supply
Lucie, Shiba Inu ecosystem marketing lead, addressed concerns about the token's enormous supply, which a user called a “major disadvantage” for the SHIB community. She wants to cut it shortly, boosting community hope that might boost SHIB's price.
Shiba Inu Burn Strategy “Epic”
Lucie said in a recent X post that Ryoshi, the project's unknown founder, destroyed the keys, preventing the Shiba Inu devs from changing the token supply. Users must actively buy and burn Shiba Inu coins to restrict supply, she said.
Since the meme currency has depended on community goodwill to burn surplus SHIB, this is not surprising. The worth of the remaining SHIB coins depends on their deeds.
Lucie then showed Shiba Inu's bold solution. The marketing head says the goal is to construct an epic system that uses SHIBARIUM everyday and draws millions (or billions) of users. “The more users we have, the more SHIB can be burned, increasing its value over time,” Lucie said.
Shibarium, Ethereum's Layer-2 blockchain network, will draw more everyday users and allow more SHIB burns, possibly increasing the token's value. Last month, an automatic burn mechanism was added to boost Shiba Inu's burn rate.
The new Shiba Inu burn site, ShibTorch, on Shibarium burns just users' basic fees. A second priority charge goes to validators, while the burn contract receives these basic payments.
Lower SHIB Burn Rate
Successfully implementing the new SHIB burn strategy demands major financial investment and mass engagement. Lucie, the marketing lead, said being successful is “all about growing the community and letting the system do its magic!”
Over the previous 24 hours, SHIB burn data showed a 95.33% reduction. These 648,525 SHIB tokens were withdrawn from circulation. This shows the community's little efforts to minimize SHIB supply and yield results.
Despite the community's vigorous SHIB token burning, the cryptocurrency hasn't appreciated.
