In a recent Telegram chat, Shytoshi Kusama, the lead developer of Shiba Inu, addressed concerns surrounding the burning of SHIB tokens. Kusama reiterated that the burns will only occur through increased utility and widespread adoption.
According to Kusama, the key to SHIB burns lies in the utility and practical application of the token. “BURNS will only come through utility and use,” Kusama emphasized during the Telegram chat, which was shared by Shiba Inu marketing specialist Lucie.
Shytoshi added something else today:
About $SHIB burns 🔥#Factsmatters pic.twitter.com/sYRg5iD3Ok
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) November 1, 2023
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This statement from Kusama comes at a time when many Shiba Inu enthusiasts are calling for more burns. However, Kusama made it clear that the primary focus of the team is to build utility and adoption for Shiba Inu, rather than solely burning tokens. “So I focus on use and put burns in,” Kusama added.
Combatting Fear, Uncertainty, and Doubts (FUDs)
Kusama also addressed the negative impact caused by individuals spreading Fear, Uncertainty, and Doubts (FUDs) about Shiba Inu. He pointed out that these malicious reports and attacks drive users away and hinder the adoption of Shiba Inu projects.
“FUD attackers are driving users away with malicious reports. They are driving down adoption. This is why we focus on utility. If we have utility, we will have adoption,” Kusama explained.
These remarks from Kusama align with the views of many other cryptocurrency experts who believe that utility is crucial for the long-term success of any digital asset.
SHIB Burns: A Recap
To date, the total number of SHIB tokens burned stands at an impressive 410.66 trillion. The majority of these burns occurred in May 2021 when Ethereum co-founder Vitalik Buterin burned a significant amount of SHIB tokens.
Additionally, other Shiba Inu enthusiasts have voluntarily contributed to the burn program by sending SHIB tokens to a designated dead wallet. However, the rate of burns has slowed down in recent months.
Read Also: Expert Proves: Demand Sent Shiba Inu Up 46,000,000%, Not Vitalik Buterin Whopping SHIB Burn
Long-Term Focus on Shiba Inu (SHIB) Utility and Adoption
Shytoshi Kusama’s recent statements indicate that the Shiba Inu team is prioritizing the development of utility and adoption for the project, rather than solely focusing on token burns. This approach showcases a positive outlook for Shiba Inu, as it suggests a long-term strategy.
However, it is important to note that building utility and adoption takes time. Therefore, a significant increase in SHIB burns may not be immediate. Nevertheless, successful implementation of utility and widespread adoption could potentially lead to substantial price appreciation for SHIB in the future.
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