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Shytoshi Kusama explains why he cannot burn more Shiba Inu (SHIB) like Floki Inu developers have recently done.
The team behind the Shiba Inu project has been making significant efforts to reduce the circulating supply of its ecosystem tokens, especially SHIB. On March 9, it incinerated 13.4 billion SHIB as part of the ongoing Shibarium-powered burn.
In addition, the team also burned other ecosystem tokens, including BONE and LEASH.
SHIB Fan Wants More Burns Like Floki Inu, Kusama Responds
Despite the massive SHIB burn, some community members still believe that the Shiba Inu ecosystem team is lagging behind its rival, Floki Inu, in terms of burns.
During yesterday’s exchange, a SHIB enthusiast asked Shiba Inu lead developer Shytoshi Kusama why he cannot burn a trillion tokens like Floki Inu developers have done recently.
Although the question was unrelated to Kusama’s initial tweet, the Shiba Inu lead developer still responded to the user. Contrasting himself and Floki Inu developers, Kusama said he does not have 1 trillion Shiba Inu tokens to burn.
He emphasized that Shiba Inu is fully decentralized and has been so since he joined the project when it was only six months old. Kusama added that his desire to burn SHIB tokens was to benefit the community rather than an obligation.
Because unlike Floki devs I don't have 1trillion to burn. Do you? Remember when I joined Shiba was 6 months old and fully decentralized. I just do it for teh people
— Shytoshi Kusama™ (@ShytoshiKusama) March 10, 2024
Floki Inu Burns Billions in Weeks
The recent exchange comes shortly after Floki developers incinerated 190.91 billion tokens worth over $47M, representing 2% of FLOKI’s circulating supply. According to an announcement on March 9, the FLOKI tokens were burned across the Ethereum and BNB Smart Chains.
190.91 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED
In line with the decision of the #Floki DAO, 190,918,585,431.84 $FLOKI tokens have been successfully burnt across the ETH and BNB chains.
At the time of this announcement, the burnt tokens were valued at over $47 MILLION.… pic.twitter.com/gv8gJ6hA6v
— FLOKI (@RealFlokiInu) March 9, 2024
Aside from the 190.91 billion tokens burn, the Floki DAO also removed another 14.57 billion tokens worth over $3.2M from the circulating supply.
$3.2 MILLION+ IN $FLOKI BURNED OVER THE LAST WEEK THROUGH STRONG UTILITY DEMAND
A week after we announced that $1.12 million in FLOKI tokens was burned due to strong utility demand, an additional 14,571,444,483 $FLOKI tokens, worth $3,249,432 at the time of writing this, was… pic.twitter.com/gVdrnRaipr
— FLOKI (@RealFlokiInu) March 10, 2024
Despite incinerating over 200 billion tokens in one week, Floki developers promised to incinerate more tokens in the future.
FLOKI Price Outperforms SHIB
Notably, both FLOKI and SHIB prices have skyrocketed tremendously amid ongoing burn efforts. At press time, the price of FLOKI is up 666% over the past two weeks and has also surged 806% in the past month. Data from CoinGecko shows that FLOKI has increased 18.6% in the past 24 hours to $0.0002797.
Shiba Inu price, on the other hand, has spiked 232.8% in two weeks and 239.3% in the monthly charts. The canine-themed token was trading at $0.00003205 in the hours leading up to press time, marking an 8.9% decline over the past 24 hours.