Cryptocurrency

Shytoshi Kusama: Burns Can’t Solely Raise SHIB Value, Adoption Must Increase. Community Reacts

One of the main focuses of the Shiba Inu community has been how Shibarium would help lower SHIB’s circulating supply. This seems to have intensified with the launch of the layer-2 scaling solution.

As the interest surrounding Shiba Inu (SHIB) burns grows, Shytoshi Kusama, the lead engineer of the ecosystem has shed some light on this pressing matter.

Shiba Inu (SHIB) Adoption Must Increase

A member of the Shiba Inu community asked Kusama about the SHIB burn in a discussion on a Telegram group. In his reply, Kusama emphasized that token burning, while important, is not the only solution to raise the value of SHIB.

Read Also: Shiba Inu Core Developer Shytoshi Kusama Unveils Shibarium Upgraded Features

He underscored the pivotal role of adoption, stating, “Burns will not and are not the end all be all. We absolutely must increase adoption.” He also confirmed that a burn portal is in the works.

This was shared by Shiba Inu ecosystem marketing strategist, Lucie (@LucieSHIB), in a post on X.

Shiba Inu Community’s Reaction

Increased adoption would put Shiba Inu in front of more people and get them to use it in as many places as possible. This is good for any cryptocurrency but some members of the community had their reservations.

One user quoted her post with his reply claiming that an increase in adoption would only benefit the developers who would make more money on BONE and LEASH tokens. He concluded by saying, “There is nothing for Shiba Inu on Shibarium.”

Lucie didn’t allow direct replies to her post but another community member, ClayBro (@ClayBro883), put out a post calling for comments.

Read Also: Shytoshi Kusama Compares Shiba Inu (SHIB) Woofpaper to Vitalik Buterin Solutions for Ethereum

Replying to him, another user called for a boycott of Shibarium and another replied calling the blockchain the world’s only centralized and decentralized blockchain. He also stated that its name should be changed to Double Speak.

A community member, Dad (@ShibaInuDad), replied saying that the Shiba Inu team had presented the community with the idea of an automated engine that would reduce excess supply of SHIB over time. The idea was to not have people burn their own money but let it happen in the background over time.

In agreement, another user ClayBro said he would be fine with it if they leveraged Shibarium for the burns. He also said he wouldn’t mind if the developers increased their salaries too, as long as there was a compromise somewhere. Dad, in a final reply, stated that Shibarium burning SHIB tokens wouldn’t lead to any losses in competitive edge or adoption.

Lucie, in another post also called for people to use Shibarium. She pointed out that “it won’t burn SHIB if you don’t use it”


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Recent Posts

Best Cryptos to Buy in November 2024: Learn More About Qubetics, Polkadot, and Avalanche

The crypto market is buzzing again, and November 2024 is shaping up to be one…

3 hours ago

XRP Price Spikes As SEC Chair Gensler Officially Announces Resignation Date

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…

3 hours ago

The Best Casino Games That You May Be Overlooking

Asking a bettor what their favorite casino games are will always result in one of…

4 hours ago

Biggest In Almost 3 Years: Something Big Is Coming For XRP

A prominent cryptocurrency market analyst, Armando Pantoja, has suggested that XRP might be on the…

4 hours ago

Explosive Crypto Bull Run 2024! Don’t Miss the Biggest Opportunity of the Decade!

As the new year dawns, the crypto world is buzzing with predictions of an epic…

5 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

5 hours ago