In a groundbreaking move, Shytoshi Kusama, the lead developer of Shiba Inu, unveiled plans for a significant Shibarium-powered SHIB burn, potentially utilizing over $1.2 million worth of accumulated gas fees.
This announcement has set the Shiba Inu community abuzz with anticipation, as hopes rise for faster token scarcity and a potential price boost.
No. Burn Shib. Period.
— Shytoshi Kusama™ (@ShytoshiKusama) December 9, 2023
Read Also: Shiba Inu Lead Developer Addresses Concerns Regarding SHIB Burn
The confirmation of the upcoming burn by Kusama has ignited a spark within the Shiba Inu community, generating excitement about the imminent reduction in token supply. This burn, powered by the accumulated gas fees on the Shibarium network, serves as a testament to the effectiveness of this L2 scaling solution in generating resources for burn initiatives.
Three More Burns This Week
Adding to the excitement, the Shiba Inu team has recently revealed plans for three additional manual SHIB burns, scheduled for December 14th, 15th, and 16th.
While the exact quantity of tokens to be burned remains undisclosed, expectations are running high, with predictions surpassing the staggering 8.2 billion SHIB tokens incinerated last week.
The Shiba Inu community has long held the aspiration of reaching the coveted $0.01 price point for the SHIB token. Many believe that achieving this milestone relies heavily on a significant reduction in circulating supply, a feat that burns play a crucial role in accomplishing. With each burning event, the community inches closer to realizing its vision of a scarce and potentially high-value SHIB token.
Recognizing the importance of burn efficiency, the Shiba Inu team has made active changes to Shibarium, enhancing its ability to generate resources for burning.
A recent hard fork of the L2 blockchain has further optimized the platform’s capabilities, reinforcing the team’s commitment to reducing the circulating supply of the digital currency.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Expert Proves: Demand Sent Shiba Inu Up 46,000,000%, Not Vitalik Buterin Whopping SHIB Burn
A Community-Driven Effort
The ongoing burn movement is fueled by the passionate Shiba Inu community, whose unwavering support and constant pressure for increased burns have served as a driving force behind the development team’s efforts.
The dedication of the community to the cause has played a significant role in shaping the direction of the burn events and solidifying the vision of making SHIB a scarce commodity.
With Shibarium’s burn engine running hot and the community’s unwavering enthusiasm, the future of SHIB appears bright. As each burning event takes place, the path toward token scarcity becomes clearer, potentially paving the way for a significant price increase and solidifying SHIB’s position within the dynamic cryptocurrency landscape.
The upcoming burns, fueled by Shibarium gas fees and driven by community calls for action, mark a significant step forward in the Shiba Inu ecosystem.
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