Shiba Inu Marketing Lead, Lucie Declares Devs Unable to Change Supply, Unveils Plan for Major SHIB Burn
The underperformance of Shiba Inu has been attributed to its hefty token supply by many investors. During a discussion with the ecosystem’s content marketer, Lucie, Shiba Inu enthusiast Donald Xavier expressed concerns about the token’s large supply and its impact on its performance. Despite the introduction of major updates for Puppynet, the testnet version of Shibarium, Xavier emphasized that Shiba Inu’s substantial supply remains a major disadvantage.
Overview of Shiba Inu Marketing Lead on SHIB Supply
Lucie explained that Shiba Inu developers are unable to alter the token’s supply as the keys were destroyed by its pseudonymous creator, Ryoshi. Consequently, she suggested that the only way to reduce SHIB’s supply is through “burning,” where users purchase and send SHIB to an official dead wallet, permanently removing tokens from circulation. Notably, she acknowledged that this method involves financial resources and proposed an alternative solution.
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Lucie proposed reducing Shiba Inu’s supply “in a big way” by encouraging millions (or billions) of people to participate in the burning process. She emphasized that the objective is to establish a robust system to attract significant user engagement on Shibarium. According to Lucie, increased utilization of Shibarium will result in more SHIB tokens being burned, potentially increasing the value of the remaining tokens in the future. She emphasized that the success of this plan relies on community participation and the growing adoption of the proposed system.
Shibarium Adoption
The Shiba Inu ecosystem team is actively working to create a system that will drive adoption of Shibarium, with plans to migrate all Shiba Inu-related projects, including NFT Marketplace and SHIB: The Metaverse, to Shibarium. Notably, ShibaSwap, the decentralized exchange, and the Web3 game Shiba Eternity have already transitioned to Shibarium. Additionally, other projects like K9 Finance’s Liquid Staking Derivative (LSD) platform are expected to launch on Shibarium, potentially boosting the network’s transaction volume and leading to significant SHIB burns.
It is important to note that Shibarium is designed to burn SHIB using 70% of the base fee. The ecosystem team has manually burned over 56 billion SHIB using this method, and the introduction of the burn portal, ShibTorch, has automated the process, resulting in the burning of 3.26 million SHIB since its launch. Since Shiba Inu’s launch in 2020, 410.72 trillion SHIB have been burned, leaving 589.27 trillion in circulation, with 5.8 trillion tokens staked.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
