- Shiba Inu developers confirm they cannot alter SHIB supply; instead, tokens must be bought and burned to reduce supply.
- Lucie highlights the community’s role in the SHIB burn strategy, stressing the need for massive user participation to increase token burns.
- Recent data shows a significant rise in SHIB burn rate, boosting investor confidence as the token’s price hovers above key support levels.
Lucie, Shiba Inu’s marketing lead, has responded to concerns about SHIB’s token supply, sharing a strategy for the future. The latest statement has sparked optimism in the community, as enthusiasts expect a boost in SHIB’s price. Moreover, the community continued the burn efforts.
Developers Reveal SHIB Burn Strategy
Shiba Inu developers have clarified that they cannot directly alter the SHIB supply because Ryoshi, the project’s creator, burned the keys, leaving no one in control of the total supply. To reduce the existing supply, SHIB must be purchased and burned, a process that requires significant financial resources.
The developers emphasized that effectively reducing SHIB’s supply will require a massive user base, potentially millions or even billions of users. The strategy involves building an extensive ecosystem around SHIBARIUM, the Shiba Inu blockchain platform, to attract a large number of daily users as more people use SHIBARIUM, the opportunity to burn more SHIB increases, which could potentially enhance the token’s value over time.
SHIB Burn Rate Rises, Investor Confidence Boosted
Burning SHIB tokens play a key role in reducing the overall supply. Decreasing the number of tokens in circulation can make the remaining tokens more valuable. Lucie emphasized the community’s role in this process. She wrote, “But this only works if everyone gets onboard. It’s all about growing the community and letting the system do its magic!”
The data from the SHIB burn rate in the last 24 hours shows increase of 38.79%. According to the data, 14,179,654 SHIB tokens were removed from circulation during this period. The data highlights a uniform upward trend in the burn rate, indicating that efforts to reduce the overall SHIB supply are progressing.
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Source: SHIBBURN
CoinMarketCap data indicates that Shiba Inu trades at $0.00001378, indicating a 0.65% decline in the past 24 hours. The market cap reads at $8.12 billion, placing SHIB 13th in the market rankings. The 24-hour trading volume has dropped by 39.81%, reaching $101.61 million, with a volume-to-market cap ratio of 1.25% at the time of writing.
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