Shiba Inu Unveils Fresh Voting Proposal, But Community Pushes Back On SHIB Burning Plan
Over the weekend, Shiba Inu’s lead Shytoshi Kusama initiated a community vote to decide the allocation of 37.5 Ethereum (ETH) to the SHIB DAO. The proposal outlined four options for the use of the funds. The first option involves escrowing the funds in a multi-sig wallet for the community’s use.
Overview of the Voting Proposal
The second option proposes burning SHIB, the third supports using funds for projects without community vote, and the last option suggests keeping the funds to prevent fear, uncertainty, and doubt (FUD) within the ecosystem. The voting period began on August 31 and will end on September 4, with execution expected on or before September 30.
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Community Stance On Burning SHIB Using Funds
In addition to the vote, notable community members like Lola and Jolt expressed opposition to using the funds to burn SHIB. Jolt argued that burning SHIB with the equivalent of approximately $100,000 in ETH would not have a significant impact on SHIB’s price, suggesting that the funds be used to promote the widespread adoption of Shibarium. Jolt proposed utilizing the funds to integrate Shibarium and BONE on major Tier-1 crypto exchanges and wallets.
Similarly, Lola emphasized that burning 37.5 ETH would only remove 7 billion SHIB from the circulating supply, suggesting the development of a game or application using SHIB as the official currency and gas fee token to enhance SHIB’s adoption and utility.
The voting result reflects the community’s preference for the first option, with 84.55% of the total votes in its favor, while the option of burning SHIB received only 15.45% of the total votes.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
