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Shiba Inu community members advocate against burning SHIB using the funds received from its fast food partner, Welly.
In an exciting development over the weekend, Shiba Inu lead Shytoshi Kusama called on the community to vote on a proposal and decide the fate of 37.5 Ethereum (ETH) Welly allocated to the SHIB DAO.
The Proposal
Kusama created a proposal highlighting four ways the community could use the funds. The first choice requires the funds to be escrowed in a multi-sig wallet and utilized as holders see fit.
The second option suggests that the funds be allocated to burn SHIB, while the third choice supports using funds for any project without the community vote. Lastly, the proposal wants the wallet owner to keep the funds and prevent FUDding (Fear, Uncertainty, & Doubt) within the ecosystem.
Notably, the vote, which started on August 31, is expected to end on September 4, with execution scheduled on or before September 30.
Community Rally Against Burning SHIB with Funds
Besides voting on the proposal, prominent community members, including Lola and Jolt, took to X to speak against using the funds to burn SHIB.
In a tweet yesterday, Jolt speculated that burning SHIB with the 37.5 ETH, equivalent to approximately $100,000, will have no significant impact on SHIB’s price. Instead, the prominent community figure suggested that the ecosystem team use the funds to promote the widespread adoption of Shibarium.
“If you want to burn $SHIB, you need to focus on Shibarium, making those burns as it was intended,” Jolt remarked.
Specifically, Jolt proposed that the team use the funds to facilitate the integration of Shibarium and BONE on major Tier-1 crypto exchanges and wallets. Jolt believes the entire Shiba Inu ecosystem stands to benefit from this initiative.
Similarly, Lola expressed a similar sentiment, emphasizing that burning 37.5 ETH will only remove 7 billion SHIB from the circulating supply. However, she proposed that the team use the funds to develop a game or application like Solitaire Cash that will use SHIB as the official currency and gas fee token. This approach, according to Lola, will bolster SHIB’s adoption and utility and also support burns.
In the meantime, the voting result shows that the broader Shiba Inu community is against burning SHIB with the funds. According to the voting result, the community supports the first option, which recorded 84.55% of the total votes. The option of burning SHIB registered only 15.45% of the total votes.