Shytoshi Kusama, the lead developer of Shiba Inu, addressed a crucial aspect today: SHIB burns. Lucie, the project’s marketing specialist, shared Kusama’s interactions with the community, focusing on concerns related to SHIB burns. Kusama made it clear that burns would occur only through utility and genuine use, dismissing the idea of expecting miraculous burns as futile.
He stressed the importance of broadening the token’s applications and integrating burns organically. While many appreciated Kusama’s response, caution was advised against excessive engagement. Some community members suggested following Lucie’s approach of ignoring negative comments, emphasizing the need for Kusama to stay focused and undistracted. People were reminded that a team consists of more than one individual.
On October 28, Shiba Inu saw a significant burn, with over 1.4 billion tokens destroyed. However, this burn rate was 37% lower than that of September. Shibburn reported that over 1.4 billion SHIBs were incinerated in the previous month, reaching its peak on October 28 when 250 million SHIBs were sent to an inaccessible address.
Despite the decrease in burn figures compared to September, Shiba Inu’s price has shown a slight recovery in the past month. With only a minor drop in the weekly index, SHIB is currently trading at $0.0000079, marking a 5% increase in the 24-hour period, as reported by CoinMarketCap. While the successful implementation of the burning program has been seen as a positive factor, another potential contributor to SHIB’s price growth could be the ongoing development of Shibarium, the layer-2 scaling solution.
Shiba Inu Embarks On A Decentralized Identity Venture
Following its launch, Shibarium has seen progress with various new initiatives. A highly anticipated milestone was achieved when it introduced SNS. In a recent blog post, Shytoshi Kusama, the lead of the SHIB project, proudly announced the launch of Shib Name Service [SNS], a groundbreaking venture that revolutionizes digital identity management within the Shibdentity ecosystem. According to Kusama, Shib Name Service offers a unique feature: human-readable addresses, making it a disruptive force in the industry.
Another essential aspect of the Shibdentity ecosystem is its peer-to-peer messaging system, setting a new standard for data privacy. This feature ensures end-to-end encrypted conversations, reduced spam, and direct communication between users, guaranteeing enhanced privacy, security, and overall user satisfaction.