The Shiba Inu community has been actively engaged in discussions surrounding token burns, a process crucial to reducing the circulating supply of SHIB. To address some common misconceptions and emphasize the importance of community participation, Shiba Inu marketing lead Lucie has provided a series of clarifications.
Community Drives SHIB Burns, Not Developers
Lucie dispelled the idea that developers hold a vast reserve of SHIB tokens specifically designated for burning. Rather, the burn rate is driven by the Shiba Inu community’s efforts, including token-burning events and transactional activities that generate burn fees.
You're looking in the wrong direction, my friend.
Shytoshi and the developers aren't the key to burns. They don't hold tokens to burn, remember?
It's the community that drives burns through actions like burning tokens or transactions.
That's why we're focused on attracting… https://t.co/AWIX9EGrhc
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 2, 2024
While the community successfully burned over 1.69 billion SHIB tokens in April, according to Shibburn’s official X account, this figure reflects a significant decrease compared to the 15.64 billion tokens burned in March. This decline is attributed to the temporary halt of Shibarium-powered burns.
Shibarium, a key component of the Shiba Inu ecosystem, is designed to contribute to the burn process by allocating a portion of base transaction fees towards burning SHIB tokens. While the last Shibarium burn occurred on March 9th, involving 13.4 billion tokens, the team is currently working on transitioning from manual to automated burns.
Additionally, they are focused on attracting new projects and encouraging community members to utilize the Shibarium bridge, which will further contribute to the burn rate.
Action Speaks Louder Than Words: Community Participation Is Key
Lucie suggested prioritizing active participation and project development within the Shibarium ecosystem instead of speculating about developer actions or burn timing. This collaborative approach may accelerate the burn rate more effectively than just discussing the issue.
Lucie also addressed the negative sentiment and misinformation circulating the community, emphasizing that mere talk without concrete action does not contribute meaningfully to the project’s progress. She expressed support for the Shiba Inu developers who are actively creating tools and resources for community use but stated that these tools require active utilization to achieve the desired impact on token burns.
Furthermore, Lucie clarified that the founder, Ryoshi, intentionally burned the keys to the initial SHIB supply. This necessitates the purchase of tokens before they can be burned, highlighting the need for income generation to fuel the burn process. To this end, she encouraged the community to contribute by attracting dedicated individuals and projects to build on Shibarium.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
A United Community for Shared Goals
Lucie concluded her message by restating her commitment to the SHIB token and acknowledging the shared aspiration within the community to reach significant price milestones like $0.01. She emphasized that achieving these goals hinges on collective effort and a unified approach within the Shiba Inu community.
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