Shytoshi Kusama, a lead Shiba Inu developer, did not ignore a user’s concern about the current price of SHIB in the market.
A concerned crypto user commented on Shytoshi’s tweet today, telling him the desire of most SHIB users: “We want Shib to go up.”
The Shiba Inu lead developer did not also disappoint. In response to the user’s desire, he said that’s why he has been busy working.
That's why I am working ser
— Shytoshi Kusama™ (@ShytoshiKusama) August 11, 2022
Read Also: Ethereum Founder Vitalik Buterin Just Proved He’s A Big Time Shiba Inu (SHIB) Supporter
Becoming a Force Other Than Mere Meme
At the time of filing this report, SHIB is trading at $0.00001257, with about a 2% price uptrend in the last 24 hours, according to CoinMarketCap. It’s worth noting that the crypto asset has been changing hands in this range over the past two weeks.
Shiba Inu developers are working hard to give the fast-growing ecosystem a vast utility, which would transform SHIB from being just a meme token.
Shiba Inu (SHIB) was a top gainer in terms of market price appreciation back in 2021. It surged by millions of percent to record its all-time high of $0.000088. This shows SHIB is down relatively 86% from this peak at current prices.
SHIB Burn Mechanism
Back in late 2021, the Shiba Inu ecosystem introduced a mechanism that is targeted at taking a huge percentage of SHIB tokens permanently out of circulating supply.
The community saw the need for Burning SHIB after witnessing the result of the huge number of SHIB burned by the Ethereum founder and core developer, Vitalik Buterin.
In 2021, Buterin shocked the whole crypto ecosystem after deciding to burn $6.7 billion worth of SHIB gifted to him by Shiba Inu developers. He sent over 410 trillion tokens to a dead wallet in just a day.
Read Also: Ethereum Co-Founder Vitalik Buterin Acknowledges the Impact of Shiba Inu (SHIB) and its Community
Back then, he said:
“I’ve decided to burn 90% of the remaining shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation.”
Shiba Inu Community Is Hopeful
This action displayed by Buterin motivated the Shiba Inu community to believe that through unity, they can attain any height.
SHIB burn plays out on a daily basis as they keep the hope alive. Although such a bullish trend as that of 2021 is not certain, nothing is impossible in the world of crypto.
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