Shiba Inu, the second-largest dog-themed digital currency, has seen a recent resurgence in community activity surrounding token-burning initiatives. This process aims to reduce the overall supply of SHIB in circulation, potentially leading to an increase in value.
The Shiba Inu development team, through its social media lead Lucie, has addressed inquiries from community members regarding the status of Shibarium burns. Shibarium is a layer-2 blockchain solution designed to improve scalability and transaction efficiency within the Shiba Inu ecosystem.
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Here, a portion of transaction fees paid in BONE, the Shiba Inu governance token, is allocated towards SHIB purchases and subsequent burning. Since November 2023, the developers have successfully burned over 40 billion SHIB tokens through this method. However, a recent pause in developer-led burns has prompted questions from the community.
Lucie’s response, while not providing a specific timeline for renewed developer-driven burns, emphasized individual and community involvement in the burning process.
She referenced a message attributed to Shiba Inu’s anonymous founder, Ryoshi, which challenged the community to take an active role: “What did you do for Shib’s growth? How much have YOU burned?”
People who have never used #Shibarium and are whining about #SHIBARIUM burns 🤭 Really?!
It's a community effort—you can't quote Ryoshi and on the same day cry, "Dev, do something!"
So, before you throw stones, ask yourself, as Ryoshi said, 'What did you do for Shib's growth?…
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 7, 2024
This sentiment highlights the Shiba Inu project’s philosophy of fostering a decentralized community where individual participation contributes to the overall success of the ecosystem.
Indeed, the community has responded by actively burning SHIB tokens. According to Shibburn, a cryptocurrency tracker specializing in SHIB burns, enthusiastic community members have collectively burned over 43 million SHIB in the past 24 hours.
These independent burning efforts demonstrate the community’s dedication to the long-term growth of the Shiba Inu project. While the impact of individual burns on the overall price of SHIB may be negligible in the short term, the collective effort signifies a strong commitment to the token’s potential.
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Read Also: Shiba Inu Lead Dev Ignites SHIB Army’s Curiosity with Recent Post on X
What’s Ahead for Shiba Inu (SHIB)?
Looking ahead, the future of Shiba Inu (SHIB) burning hinges on a two-pronged approach. The continued development of Shibarium, with its automated burn mechanism fueled by BONE transactions, offers a long-term solution for reducing circulating supply.
Additionally, the community’s ongoing commitment to burning initiatives through individual efforts and potentially the development of “better tools,” as suggested by Lucie, will likely play a crucial role in influencing the overall supply of SHIB.
According to CoinMarketCap, SHIB remains a prominent player within the cryptocurrency space, ranking among the top ten cryptocurrencies by market capitalization. Its current price sits at $0.00003174, and with continued development and community engagement, the future of Shiba Inu appears promising.
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