Bitrabo Editorial
Lucie, the marketing lead for the Shiba Inu ecosystem, has responded to worries regarding the token’s significant supply, which some have labeled a “major disadvantage” for the SHIB community. She announced upcoming plans to reduce the supply, sparking excitement among community members that this may lead to a price increase for SHIB, the native token of Shiba Inu.
Innovative Shiba Inu Burn Plan
In a recent post on X, Lucie explained that the Shiba Inu developers are unable to adjust the token supply since Ryoshi, the project’s anonymous founder, burned the access keys, leaving no entity in control. She pointed out that the only viable method for reducing supply is for users to actively buy and burn Shiba Inu tokens.
This comes as no surprise, as the meme coin has traditionally depended on its community’s efforts to burn excess SHIB in circulation. The community’s initiatives play a vital role in maintaining the value of the remaining SHIB tokens.
Lucie then elaborated on Shiba Inu’s bold strategy to address the issue. She stated that the objective is to create a robust system that engages a vast user base and actively utilizes SHIBARIUM, which she predicts will require millions or even billions of users. She remarked, “The more users we have, the more SHIB can be burned, thereby increasing its value over time.”
As the adoption of Shibarium—Ethereum’s Layer-2 blockchain network—grows, it is expected to draw in more daily users, leading to additional opportunities for burning SHIB, which could enhance the token’s value. Recently, an automated burn mechanism was put in place to further improve the burn rate of Shiba Inu.
The newly launched Shiba Inu burn portal, ShibTorch, available on Shibarium, is specifically crafted to burn only the base fees paid by users. These fees are directed to the burn contract, while a second priority fee goes to validators.
Decline in SHIB’s Burn Rate
This new SHIB burn plan requires considerable financial investment and widespread community involvement to succeed. Lucie highlighted the importance of expanding the community, stating that it’s “all about growing the community and letting the system work its wonders!”
Recent data from SHIB burn reports a dramatic 95.33% decrease in the burn rate within the last 24 hours, during which 648,525 SHIB tokens were eliminated from circulation. This serves as a reminder of the community’s limited attempts to decrease SHIB’s total supply and achieve effective results.
Despite the community’s intensive efforts in burning SHIB tokens, the cryptocurrency has not yet experienced the anticipated price rise. At the time of writing, SHIB is valued at $0.00001378, displaying a 0.65% drop over the past day. However, some market analysts believe that as SHIB’s popularity grows, its price is likely to follow suit.