Shiba Inu (SHIB) has garnered attention for various aspects, most notably its community-driven token burn initiatives. This meme coin project has rallied its entire community to bolster SHIB’s price through these burn events. However, Shytoshi Kusama, the lead developer of the network, appears to be favoring a different approach.
When asked about the platform’s emphasis on token burning, Shytoshi Kusama provided his perspective. The developer stressed that, while token burns hold significance, the key factor for achieving success lies in the broader adoption of the Shibarium chain. Kusama emphasized, “Burns, while important, are not the ultimate solution.” Many individuals have placed substantial expectations on token burns to alter the fate of the meme coin, anticipating an increase in the scale of burns, which could potentially boost Shiba Inu’s price. However, as Kusama pointed out, true price propulsion can only be achieved through adoption.
Moreover, previous documentation suggested that users within the upcoming Shibarium portal would have the ability to initiate a token burn process as part of their transactions. This process entails the destruction of 70% of the base fee, with the remaining 30% allocated for network maintenance. Kusama confirmed that active development of the burn portal is underway.
Shiba Inu Witnessing Decreased Weekly Token Burn Rates
According to information provided by Shibburn, the SHIB token’s burning rate in the previous week was notably subdued. In the last week of August, the network witnessed a substantial decrease of 73.63% in the pace of token burning. This decline occurred over a span of 88 transactions, resulting in the elimination of a total of 564,273,572 SHIB tokens, which equates to a relatively modest value of $4,425. At present, Shiba Inu token burning rate has decreased by 82.12% within the past 24 hours. During this time frame, a total of 9,428,381 SHIB tokens were taken out of circulation. Additionally, at the time of this report, SHIB was trading at $0.000007508, reflecting a daily decline of 2.84%.