In a surprising turn of events, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, has made a bold statement about the potential reduction of Shiba Inu’s (SHIB) circulating supply. Kusama suggested that reducing the circulating supply to just 0.1% of its current amount is a feasible goal, sparking excitement and optimism within the Shiba Inu community.
#Shiba Inu Leader Says Burning 99.9% of Shiba Inu is Not Impossible https://t.co/ld8DarJPe7
— SHIBARMY (@Ksaynak16) December 23, 2023
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Shiba Inu Circulating supply to be reduced to 0.1%.
The announcement came in response to a critic’s sarcastic suggestion that Kusama should burn 99.9% of SHIB tokens using the fees generated from Shibarium transactions. The critic had labelled the Shiba Inu token as ineffective, dismissing the possibility of such a drastic supply reduction as unrealistic. In contrast, Kusama responded confidently, stating, “Nothing is impossible except for you seeing how it’s possible. We push forward,” expressing a strong belief in the viability of the plan.
Presently, SHIB has a circulating supply of approximately 580 trillion tokens. Achieving a 99.9% burn would leave about 580 billion tokens, a substantial figure in the cryptocurrency market. The Shiba Inu community has responded positively to Kusama’s statement, with many supporters expressing patience and optimism about the possibility of such a massive token burn.
Shiba Inu Community’s Reaction
Raul Valadez-Rayas, a U.S.-based enthusiast, highlighted the excitement of witnessing the burn of trillions of SHIB tokens, echoing the sentiments of many in the “SHIB ARMY.” To reinforce this ambitious goal, the Shiba Inu development team has recently executed significant token burns. In the last 24 hours alone, more than 17 billion SHIB tokens have been removed from circulation through two separate transactions, as part of the routine token incineration strategy based on Shibarium transaction fees.
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SHIB Burns’ Implication
This aggressive token burn approach holds potential implications for the Shiba Inu ecosystem. A dramatic reduction in the circulating supply could increase the rarity and value of the remaining SHIB tokens, a development eagerly anticipated by investors and supporters. However, the actual impact of such supply burns on the token’s market performance remains speculative, contingent on various market factors and investor sentiments.
As the Shiba Inu ecosystem continues to evolve with increasing transactions and community engagement, Kusama’s vision represents a bold step in the cryptocurrency’s journey. Whether the ambitious target of reducing the circulating supply to 0.1% is achievable remains to be seen. Nonetheless, the recent token burns signify a strong commitment from the development team towards this goal, fostering a sense of optimism and anticipation within the Shiba Inu community.