thecryptobasic.com
Shiba Inu content marketer Lucie addresses concerns about SHIB’s circulating supply, recommending how the community can reduce it in a big way.
Several Shiba Inu investors have continued to attribute Shiba Inu’s underperformance to the token’s hefty supply.
Enthusiast Highlights Shiba Inu Supply as SHIB Disadvantage
Donald Xavier, a Shiba Inu enthusiast, echoed this sentiment during an exchange with the ecosystem’s content marketer, Lucie.
The discussion started with Lucie announcing a major update for Puppynet, the testnet version of Shibarium. As reported earlier, the update, which took place on Friday at 02:30 ET, introduced major features like enhanced block propagation and faster smart contract execution.
Despite these exciting features, Xavier expressed concern about Shiba Inu’s large supply, emphasizing that it remains SHIB’s major disadvantage. The user asked key Shiba Inu ecosystem team members like Shytoshi Kusama and Lucie to address the issue.
Devs Can’t Change SHIB Supply
Reacting, Lucie emphasized that Shiba Inu developers cannot change SHIB’s supply because the token’s pseudonymous creator, Ryoshi, destroyed the keys. She suggested that this move eliminated the possibility of a single entity controlling Shiba Inu.
The devs can’t change the SHIB supply because Ryoshi burned the keys, meaning no one has control over it. To reduce the supply, SHIB needs to be bought and burned, and that takes money.
Here’s the exciting part: to really reduce the supply in a big way, we need millions (even… https://t.co/Fysiu4fPCZ
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 14, 2024
In addition, Lucie noted that the only way to reduce SHIB’s supply is through “burning.” This requires users to buy and send SHIB to an official dead wallet, permanently removing the tokens from circulation. Notably, Lucie acknowledged that this procedure involves money. Hence, she proposed a more effective solution.
How to Burn Shiba Inu in a Big Way
According to Lucie, reducing Shiba Inu’s supply “in a big way” requires millions (or billions) of people to participate in the process. She emphasized that the goal is to create an epic system that will attract tons of people to use Shibarium daily.
The marketing specialist asserted that as more users utilize Shibarium, more SHIB tokens will be burned, potentially making the remaining ones valuable in the future.
Lucie suggested that the community will determine whether the plan will succeed, meaning that Shiba Inu’s supply will drop drastically only when the community adopts this proposal.
“It’s all about growing the community and letting the system do its magic!” Lucie remarked.
Driving Shibarium Adoption
Shiba Inu’s ecosystem team has been making significant efforts toward creating this epic system that would drive Shibarium’s adoption. The team plans to move all Shiba Inu-related projects, including NFT Marketplace and SHIB: The Metaverse, to Shibarium.
So far, Shiba Inu’s decentralized exchange ShibaSwap and the cryptocurrency’s Web3 game Shiba Eternity, have transitioned to Shibarium.
Besides ecosystem protocols, other projects, like K9 Finance’s Liquid Staking Derivative (LSD) platform, are also expected to launch on Shibarium. Launching these projects on Shibarium will boost the network’s transaction volume, potentially leading to massive SHIB burns.
Shibarium-Powered SHIB Burns
It bears mentioning that Shibarium is designed to burn SHIB using 70% of the base fee. As of March, Shibarium Inu’s ecosystem team had manually burned over 56 billion SHIB utilizing this procedure.
Currently, the team has automated the process through the introduction of the burn portal, dubbed ShibTorch. Since ShibTorch went live last month, it has burned 3.26 million SHIB.
For context, Shiba Inu launched in 2020 with a supply of 1 quadrillion tokens. 410.72 trillion SHIB have been burned, leaving the cryptocurrency with a supply of 589.27 trillion. Of this amount, 583.69 trillion SHIB are in circulation, while 5.8 trillion tokens are staked, according to data from Shibburn.