Shiba Inu Exec Unveils SHIB Burn Strategy After Key Ecosystem Upgrade

  • Shiba Inu’s large token supply is seen as a major challenge by the community.  
  • Lucie implies a community effort to reduce the supply through buying and burning tokens.  
  • The success of the plan depends on broad participation from millions of users.

Shiba Inu’s marketing lead Lucie recently addressed concerns about the token’s massive supply of 589.27 trillion tokens. This large supply has raised worries within the community about its impact on SHIB’s market value. Lucie explained that developers cannot reduce the token supply since the control keys were burnt by the project’s creator, Ryoshi.

Developers Face Limits and Community Concerns

Lucie stated that Shiba Inu’s developers cannot alter the token’s supply because the control keys are gone. This action by Ryoshi means the developers have no way to change the supply. As a result, many in the community feel frustrated and see the large supply as a major obstacle to SHIB’s growth.

The community has voiced concerns about SHIB’s long-term value. They believe that if the supply remains high, SHIB’s potential value may be limited, which could make it less appealing to investors.

A Community-Driven Token Burn as a Solution

To address these concerns, Lucie suggested a community-driven approach to reduce SHIB’s circulating supply. This strategy asks users to buy and burn tokens to remove them from circulation. However, this method needs substantial financial resources and strong community support to succeed.

The plan’s success depends on collective action from millions of users. Without broad involvement, the effort may not significantly reduce SHIB’s supply. Lucie stressed that it will be tough to lower the token supply meaningfully without the community’s active participation.

Shibarium’s Role in Supporting the Burn Strategy

Lucie also highlighted the recent upgrade to Shibarium, Shiba Inu’s Layer-2 scaling solution. On September 13, Shibarium received significant upgrades, including the Puppynet Bor Upgrade and Cancun Hard Fork. These changes aimed to boost the platform’s performance, security, and scalability.

These improvements are expected to increase user activity within the the coin’s ecosystem. The more users engage with Shibarium, the greater the potential to burn SHIB tokens, which could help reduce the overall supply. Lucie noted that building a strong system to attract a large user base is crucial for the success of the token burn plan.

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Other posts