SHIB lead now clarifies misconceptions on token burns, addressing the community while highlighting factors on Shiba Inus success.
The enigmatic lead developer of Shiba Inu, Shytoshi Kusama, has addressed the community’s misconceptions about the importance of token burns for SHIB’s success.
His statement comes in response to passionate Shiba Inu supporters who claim that burns are essential for increasing demand for the token.
This discussion was sparked by the announcement from the 1 Cent Dream’s official X handle, which revealed a new burn campaign aimed at incinerating 250 million SHIB tokens.
While 1 Cent encouraged the Shiba Inu community to rally behind their initiative, some users criticized Kusama for not doing enough to increase SHIB burns.
One community member, known as Gunz0369, argued that burns are vital to attracting new investors, suggesting that significant burns could propel SHIB into a brighter future.
In response, Kusama highlighted the contradictions in these claims.
He pointed out that while some critics insist burns are necessary to lure investors, they also argue that there aren’t enough burns taking place.
Kusama refuted this notion, noting SHIB’s impressive performance this year, with prices rising 192% to $0.00003035, despite limited burns.
He emphasized that SHIB’s success relies on a broader range of factors, including increased utility, strategic partnerships, and a well-developed ecosystem, particularly with the Shibarium blockchain.
Rather than focusing solely on burns, Kusama advocated for a comprehensive strategy that encompasses utility, governance, and community engagement to drive SHIB’s growth.
He suggested that fostering key partnerships and generating revenue would naturally lead to increased burns and a more positive sentiment in the long run.
Kusama encouraged the community to prioritize enhancing utility and completing projects that attract new users, asserting that this approach would ultimately support burns.
“Finally, and again, Shib is going well. And it isn’t because we burnt an enormous amount of Shib, ONLY, it’s because WE ARE SHIB. ZOOM OUT,” he stated emphatically.
Moreover, some community members have questioned the impact of Shibarium on reducing SHIB’s supply.
In response to skepticism about whether Shibarium truly acts as a “game changer,” Kusama noted that SHIB’s price has tripled since Shibarium’s mainnet launch.
Despite this, some users contend that SHIB’s impressive performance is independent of Shibarium’s influence, asserting that the Layer 2 blockchain requires SHIB for its own success.
To illustrate his point, Kusama likened SHIB’s growth to McDonald’s success, which is not solely dependent on any one menu item, like fries.
He argued that just as McDonald’s success encompasses various factors—from marketing to location—SHIB’s growth cannot be attributed to a single element like Shibarium.
Since its launch, Shibarium has facilitated the incineration of over 56 billion SHIB tokens, with additional burns occurring through the burn portal, which has removed over 300 million SHIB from circulation.
In total, more than 410.74 trillion SHIB tokens have been burned since the project’s inception on August 1, 2020.
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