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The Shiba Inu (SHIB) community is keen to reduce the quantity of coins in circulation. In the long run, the focus is on boosting the price of the dog-themed memecoin. However, a few SHIB Army members are still concerned about SHIB’s token supply. In response to their concerns, Shiba Inu’s marketing lead, LUCIE, shared details of a strategy for the future.
SHIB Creator Took Away Burn Control
First, Shiba Inu developers clarified that they could not alter the memecoins supply directly. This is because Ryoshi, the project’s creator, burned the keys and left no one in control of the total supply. The only alternative to destroying the circulating supply is buying the memecoins and incinerating them.
This hardly comes as a surprise considering that the memecoin has consistently relied heavily on the goodwill efforts from its community to burn the excessive SHIB in circulation. Their action is crucial to how valuable the remaining SHIB coins are today. Still, LUCIE has urged them to do more, citing that “It’s all about growing the community and letting the system do its magic!”
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Shiba Inu Burn Rate Registers a Dip
The method outlined by SHIB developers will require a significant financial commitment from the members of the SHIB ecosystem. Furthermore, it will necessitate boosting the Shiba Inu user base extensively to ensure the effective burn of the coins.
At the time of this writing, Shibburn shows that the dog-themed memecoin burn rate is was down 84.54%, and only 2,192,027 SHIB had been incinerated in the last 24 hours.
The new plan is to build an extensive ecosystem around Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem.
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Introducing Shiba Inu Burn Portal, ShibTorch
As more people use Shibarium, its Layer-2 blockchain network on Ethereum, this will help attract many daily users and increase the opportunity to burn more SHIB, potentially enhancing the token’s value over time. A month ago, an automated burn mechanism was introduced as part of the effort to improve the Shiba Inu burn rate.
The Shiba Inu burn portal ShibTorch, which went live on the Shibarium, is designed to burn only base fees paid by users. While the base fee goes to the burn contract, a second priority fee is directed to validators.
