Shiba Inu burning was one of the notable initiatives by the SHIB developers. The initiative popped up in a mission to reduce the circulating supply of SHIB. This in turn is envisioned to create increased demand and a spike in the price of SHIB.
Various SHIB users have taken part in the SHIB burn initiative and the numbers are sometimes promising and sometimes not.
Lead Shiba Inu developer Shytoshi Kusama, who goes by the alias Shytoshi, responded to SHIB supporters’ accusations that he did nothing to burn the remaining stock of SHIB with passion.
Shiba Inu users accused Shytoshi of fewer burns
Kusama was accused of doing nothing except making pledges to destroy the remaining SHIB supply by JEF SHIBA INU SOLDIER and Johnarrow Hawkfeather. Shytoshi answered that he as well as the whole SHIB community doesn’t own the entire quantity of Shiba Inus that were now in circulation.
According to the developer, the community must purchase it in order to destroy the remaining supply. Then he asked them to go away, “stop shouting” at him, and give him space to do his work. Kusama later stated that Shibarium is the key to burning the last of the SHIB that is still in circulation.
Several projects are already acquiring SHIB for burning money made from in-game adverts. Travis Johnson buys SHIB and burns it once a week using the revenue from his Amazon advertising network and other income streams from gaming.
If the SHIB developers ramp up the burn game, it can definitely cause a spike in the value of SHIB when there is less supply. According to data from Shibburn, only 32,676,289 SHIB was burned in the last 24 hours. This is just a 66% hike in the burn rate in the last 24 hours. A total of 410,380,427,633,498 SHIB has been burned from the beginning.