Wednesday, June 19, 2024
HomeCryptocurrencyShiba Inu Lead Dev Speaks On Burning 99.9% of SHIB Circulating Supply

Shiba Inu Lead Dev Speaks On Burning 99.9% of SHIB Circulating Supply

Shiba Inu, the popular meme-inspired cryptocurrency, has now set its sights on an ambitious goal: burning 99.9% of its circulating supply. Lead developer Shytoshi Kusama, known for his enigmatic leadership, has championed this vision, creating a wave of both excitement and skepticism among the Shib Army.

The Spark of Ambition

The inspiration for this audacious proclamation came from a sarcastic comment made by a critic, suggesting that Kusama should burn 99.9% of SHIB tokens using Shibarium’s high transaction fees.

Read Also: Shiba Inu Lead Dev Unveils Global Adoption Grand Plan For Bigger SHIB Burns

However, Kusama, unfazed by the criticism, responded with a simple yet powerful statement: “Nothing is impossible except for you seeing how it’s possible. We push forward.”

Progress in Token Burning

The Shiba Inu team has already made significant progress in burning tokens, with two recent Shibarium-powered burns incinerating over 17 billion SHIB in just 24 hours. Over 33 billion SHIB have been burned this month alone, gradually reducing the mountain of tokens in circulation.

While burning 99.9% of SHIB may seem like a far-fetched fantasy, it is not entirely out of reach. Achieving the monumental task of reducing the current supply of 580 trillion tokens to a mere 580 billion would have undeniable rewards.

Scarcity, a powerful force in the world of cryptocurrencies, has the potential to drive up the price of the remaining tokens, propelling Shiba Inu to uncharted heights.

However, the road to this ambitious goal is not without challenges. Critics argue that such a drastic burn could cripple the ecosystem, leaving it with insufficient fees to sustain its operations. Others remain skeptical about the team’s ability to execute such a large-scale burn, highlighting the complexities and potential pitfalls involved.

Read Also: Shibarium-Powered SHIB Burn Encounters Delay. Here’s Detail From Shiba Inu Team

Nevertheless, the loyal and optimistic Shiba Army has wholeheartedly embraced Kusama’s vision. They see it as a testament to the project’s ambition and a challenge that, if overcome, could propel Shiba Inu to new heights.

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The realization of Kusama’s audacious goal remains to be seen. But the Shiba Inu community now has a reason to be excited.

The project now has a bold vision, driven by ambition and supported by a community that believes in the power that makes things possible. As the flames of token burning continue to rage, the world watches eagerly to see if Shiba Inu can fully transform from a meme to a legend.


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Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
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